A construction company takes a loan of $280,000 to cover the cost of a new grader.If the interest rate is 8.75%APR,and payments are made monthly for five years,what percentage of the outstanding principal does the company pay in interest each month?
A) 0.73%
B) 7.29%
C) 8.75%
D) 9.25%
E) 10.5%
Correct Answer:
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