Multiple Choice
Suppose you borrowed $35,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years.By how much would you reduce the amount you owe in the first year?
A) $5,906.80
B) $5,788.67
C) $6,261.21
D) $5,375.19
E) $7,324.43
Correct Answer:
Verified
Correct Answer:
Verified
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