Nico Makes Annual End-Of-Year Payments of $5,043

question 95

Multiple Choice

Nico makes annual end-of-year payments of $5,043.71 on a four-year loan with an interest rate of 13 percent. The original principal amount was

• A) $24,462
• B) $15,000
• C) $ 3,092
• D) $20,175

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