Aeron Electrics borrowed $160,000 for 4 years at an interest rate of 6 percent,compounded annually.The loan requires repayment of the interest annually.In addition,the principal must be repaid in equal annual payments.What is the amount of the total loan payment in Year 3?
A) $42,400.00
B) $43,600.00
C) $50,499.08
D) $47,277.20
E) $44,800.00
Correct Answer:
Verified
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