How Much Total Principal Is Repaid Between the 1^st and 7^th

question 1

Multiple Choice

How much total principal is repaid between the 1^st and 7^th payment interval of a 4.5-year loan for $4887 at an interest rate of 7.4% compounded monthly and the payments are also monthly.Round your answer to the nearest dollar.

• A)$556
• B)$546
• C)$456
• D)$445
• E)$423

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