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If You Borrow $40,000 at an Annual Interest Rate of 11

Question 107

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 a fully amortized loan?

A) $0.00
B) $3,000.00
C) $8,333.33
D) $8,488.61

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