Your Company Has Just Taken Out a 1-Year Installment Loan

Multiple Choice

Your company has just taken out a 1-year installment loan for $72,500 at a nominal rate of 10.0% but with equal end-of-month payments.What percentage of the 2nd monthly payment will go toward the repayment of principal?

A) 78.50%
B) 83.97%
C) 84.89%
D) 91.28%
E) 71.19%