You're Ready to Make the Last of Four Equal, Annual

question 7

Multiple Choice

You're ready to make the last of four equal, annual payments on a $1,000 loan with a 10 percent interest rate.If the amount of the payment is $315.47, how much of that payment is accrued interest?

• A)$28.68
• B)$31.55
• C)$100.00
• D)$315.47

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