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Mr Wolf Is Borrowing $500,000 to Expand His Business

Question 23

Multiple Choice

Mr. Wolf is borrowing $500,000 to expand his business. The loan will be for ten years at 12% interest and will be repaid in equal quarterly installments. What will the quarterly installments be?


A) $88,496
B) $21,631
C) $25,510
D) $60,650

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