A declining balance loan for $3000 entails paying about $275 for each of 12 months, for a total of about $3300 in payments. The loans interest rate in 18% per year. How much of the loans second payment goes to paying interest? $41.55 $36.75 $42.58 $45 $40.88

A declining balance loan for $3000 entails paying about $275 for each of 12 months, for a total of about $3300 in payments. The loans interest rate in 18% per year. How much of the loans second payment goes to paying interest? $41.55 $36.75 $42.58 $45 $40.88

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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