Multiple Choice
A loan of $1,580 bearing interest at 15% is due nine months from now. What single payment three months before the loan is due will put the lender in the same financial position as the scheduled payment at maturity? Assume that money can earn 12%.
A) $1,658.25
B) $1,533.98
C) $1,706.55
D) $1,490.57
E) $1,642.38
Correct Answer:
Verified
Correct Answer:
Verified
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