Multiple Choice
If you borrow $40,000 at an annual interest rate of 11% for seven years,what is the annual payment (prior to maturity) on an interest-only type of loan?
A) $4,400.00
B) $6,000.00
C) $8,333.33
D) $12,161.29
Correct Answer:
Verified
Correct Answer:
Verified
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