Multiple Choice
Your company has just taken out a 1-year installment loan for $72,500 at a nominal rate of 20.0% but with equal end-of-month payments.What percentage of the 2nd monthly payment will go toward the repayment of principal?
A) 101.72%
B) 71.70%
C) 86.71%
D) 83.37%
E) 97.55%
Correct Answer:
Verified
Correct Answer:
Verified
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