If John Makes Annual Year-End Payments of $8337

question 40

Multiple Choice

If John makes annual year-end payments of $8337.83 on a 20-year loan with an annual interest rate of 7.5 percent,what is the original principal amount for John's loan?

• A)$82 000
• B)$83 325
• C)$85 700
• D)$85 000

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Definitions:

Outside Order Takers

are sales personnel who visit customers or potential customers in their places of business or residences to take orders for products or services but do not engage in proactive selling.

Replenish Inventory

The process of adding more stock or supplies to existing inventory to meet demand.

Outside Order Takers

Sales personnel who primarily accept and process orders from clients outside the company premises, rather than actively selling or persuading customers.

Replenish Inventory

The process of restocking products or materials to maintain adequate levels to meet consumer or production demands.