Multiple Choice
An S&L provides a loan with 15 yearly repayments of $8,000 with the first payment beginning immediately. Which of the following amounts comes closest to the present value of the loan if the interest rate is 7%?
A) $72,863
B) $77,964
C) $115,648
D) $120,000
E) Not enough information is given to determine the answer.
Correct Answer:
Verified
Correct Answer:
Verified
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