Suppose You Borrowed $12,000 at a Rate of 9% and Must

question 70

Multiple Choice

Suppose you borrowed $12,000 at a rate of 9% and must repay it in 4 equal installments at the end of each of the next 4 years.By how much would you reduce the amount you owe in the first year?

• A)$2,492.82
• B)$2,624.02
• C)$2,755.23
• D)$2,892.99

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