Multiple Choice
Your company has just taken out a 1-year installment loan for $72,500 at a nominal rate of 11.5% but with equal end-of-month payments.What percentage of the 2nd monthly payment will go toward the repayment of principal?
A) 90.94%
B) 72.03%
C) 73.83%
D) 90.04%
E) 96.34%
Correct Answer:
Verified
Correct Answer:
Verified
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