Multiple Choice
A loan in the amount of $212,000 is to be repaid in equal annual payments over 15 years.The interest rate is 7 percent,compounded annually.What is the amount of interest that is included in the loan payment for Year 3?
A) $13,617.56
B) $12,721.88
C) $13,885.85
D) $11,221.07
E) $12,454.19
Correct Answer:
Verified
Correct Answer:
Verified
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