Multiple Choice
You just took out a $12,000 loan for your small business.The loan has a four year term and repayment is in the form of four equal end-of-year payments.The interest rate on the loan is 11.5%.What is your total interest expense in the first year of the loan?
A) $1,380.00
B) $1,089.13
C) $764.81
D) $403.20
E) $2,529.29
Correct Answer:
Verified
Correct Answer:
Verified
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