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

Multiple Choice

Your business has just taken out a 1-year installment loan for $72,500 at a nominal rate of 11.0% but with equal end-of-month payments.What percentage of the 2nd monthly payment will go toward the repayment of principal?

A) 73.67%
B) 77.55%
C) 81.63%
D) 85.93%
E) 90.45%