Suppose you borrowed $15.000 at a rate of 11.1% and must repay it in 5 equal installments at the end of each of the next 5 years. How much interest would you have to pay in the first year? a. $1,248.75 O b. $1,665.00 OC. $1,714.95 O d. $1,481.85 O e. $1,615.05
Suppose you borrowed $15.000 at a rate of 11.1% and must repay it in 5 equal installments at the end of each of the next 5 years. How much interest would you have to pay in the first year? a. $1,248.75 O b. $1,665.00 OC. $1,714.95 O d. $1,481.85 O e. $1,615.05
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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