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Your Company Has Just Taken Out a 1-Year Installment Loan

Question 96

Multiple Choice

Your company has just taken out a 1-year installment loan for $72,500.The nominal rate is 12.0%,but with equal end-of-month payments.What percentage of the second monthly payment will go toward the repayment of principal?


A) 76.85%
B) 80.89%
C) 85.15%
D) 89.63%

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