Multiple Choice
A loan of $12,000 is taken out today at a simple interest rate of r = 15%.It is repaid with a payment of $200 in 3-months,$6000 in 6-months (from today) and the balance,X,due in 11 months (from today) .What is the value of X using the declining balance method?
A) $7055.00
B) $7131.25
C) $7118.75
D) $7128.71
Correct Answer:
Verified
Correct Answer:
Verified
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