Juniper Stores Borrowed $80,000 for Four Years at an Interest

question 32

Multiple Choice

Juniper Stores borrowed $80,000 for four years at an interest rate of 9 percent,compounded annually.The loan requires the payment of the annual interest plus $20,000 of principal each year.What is the amount of the total loan payment in Year 2?

• A)$26,300
• B)$27,200
• C)$25,400
• D)$28,800
• E)$23,600

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