Donavan Borrowed $10,000 for Three Years at 10% Annual Interest

question 413

Multiple Choice

Donavan borrowed $10,000 for three years at 10% annual interest. The payment he owes for the second year of the loan is $1,000. Donavan has a(n) _____ loan.

• A) Balloon.
• B) Amortized.
• C) Constant.
• D) Interest-only.
• E) Discount.

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