Multiple Choice
If you borrow $100,000 at an annual rate of 8.00% for a 10-year period and repay the interest of $8,000 at the end of each year prior to maturity and the final payment of $108,000 at the end of 10 years,then you have just repaid what type of loan?
A) Amortized loan
B) Interest-only loan
C) Discount loan
D) Compound loan
Correct Answer:
Verified
Correct Answer:
Verified
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