A 5-year loan in the amount of $48,000 is to be repaid in equal annual payments.What is the remaining principal balance after the third payment if the interest rate is 5 percent,compounded annually?
A) $22,173.58
B) $18,294.24
C) $22,998.30
D) $18,677.70
E) $20,614.89
Correct Answer:
Verified
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