Juniper Stores Borrowed $98,000 for 5 Years at an Interest

Multiple Choice

Juniper Stores borrowed $98,000 for 5 years at an interest rate of 6.7 percent,compounded annually.The loan requires the payment of the annual interest plus $19,600 of principal each year.What is the amount of the total loan payment in Year 3?

A) $22,766.67
B) $24,033.33
C) $23,539.60
D) $22,848.20
E) $23,600.67