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Use an Amortization Table to Solve the Problem

Question 22

Multiple Choice

Use an amortization table to solve the problem. Round to the nearest cent.
-The monthly payments on a $76,000 loan at 12% annual interest are $836.76. How much of the first monthly payment will go toward interest?


A) $100.41
B) $912.00
C) $736.35
D) $760.00

Correct Answer:

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