Suppose you borrowed $12,000 at a rate of 9% and must repay it in 4 equal installments at the end of each of the next 4 years.How much interest would you have to pay in the first year?
A)$925.97
B)$974.70
C)$1,026.00
D)$1,080.00

Question

Quizplus · Accepted Answer

The interest for the first year is calculated on the initial principal amount. Since the interest rate is 9%, the interest for the first year is 9% of $12,000, which equals $1,080.

Suppose You Borrowed $12,000 at a Rate of 9% and Must