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

question 38

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.How much interest would you have to pay in the first year?

• A)$925.97
• B)$974.70
• C)$1,026.00
• D)$1,080.00

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