Multiple Choice
If you borrow $100,000 at an annual rate of 8.00% for a 10-year period and repay with 10 equal annual end-of-the-year payments of $14,902.95,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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