The Egg House just borrowed $260,000 to build a new restaurant.The loan terms call for equal annual payments at the end of each year.The loan is for 15 years at an APR of 8 percent.How much of the first annual payment will be used to reduce the principal balance?
A) $8,311.62
B) $9,575.68
C) $10,211.08
D) $10,554.60
E) $11,420.90
Correct Answer:
Verified
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