How Much Total Principal Is Repaid Between the 1st and 7th

question 129

Multiple Choice

How much total principal is repaid between the 1st and 7th payment interval of a 4.5-year loan for $4887 at an interest rate of 7.4% compounded monthly and the payments are also monthly. Round your answer to the nearest dollar.

• A) $556
• B) $546
• C) $456
• D) $445
• E) $423

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