Hometown Builders is borrowing $150,000 today for five years.The loan is an interest-only loan with an APR of 8.5 percent.Payments are to be made annually.What is the amount of the first annual payment?
A) $12,750.00
B) $20,610.90.00
C) $30,029.18
D) $36,461.10
E) $41,300.00
Correct Answer:
Verified
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