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%
Correct Answer:
Verified
Correct Answer:
Verified
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