If John Makes Annual Year-End Payments of $8337

question 40

Multiple Choice

If John makes annual year-end payments of $8337.83 on a 20-year loan with an annual interest rate of 7.5 percent,what is the original principal amount for John's loan?

• A)$82 000
• B)$83 325
• C)$85 700
• D)$85 000

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