Dae-Sung borrows $3,300.00 which he will repay with level annual payments over 4 years. The interest rate is i(26) = 6.000%. How much of the payment at time t = 3 goes to Principal Reduction? a. $754.89. b. $848.19. c. $729.44. d. $865.15. e. $916.05.

Dae-Sung borrows $3,300.00 which he will repay with level annual payments over 4 years. The interest rate is i(26) = 6.000%. How much of the payment at time t = 3 goes to Principal Reduction? a. $754.89. b. $848.19. c. $729.44. d. $865.15. e. $916.05.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Dae-Sung borrows $3,300.00 which he will repay with level annual payments over 4 years. The interest rate is i⁽²⁶⁾ = 6.000%. How much of the payment at time t = 3 goes to Principal Reduction?

a. $754.89.

b. $848.19.

c. $729.44.

d. $865.15.

e. $916.05.

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