PLEASE USA BA II WHEN POSSIBLE. A construction company takes a loan of $1,732,000 to cover the cost of a new grader. If the interest rate is 8.55​% ​APR, and payments are made monthly for five​ years, what percentage of the outstanding principal does the company pay in interest each​ month?   A. 0.71​%   B. 0.66​%   C. 7.13​%   D. 0.81​%

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
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PLEASE USA BA II WHEN POSSIBLE.

A construction company takes a loan of
$1,732,000
to cover the cost of a new grader. If the interest rate is
8.55​%
​APR, and payments are made monthly for five​ years, what percentage of the outstanding principal does the company pay in interest each​ month?
 
A.
0.71​%
 
B.
0.66​%
 
C.
7.13​%
 
D.
0.81​%
 
E.
0.76​%
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