A construction company takes a loan of $1,531,000 to cover the cost of a new grader. If the interest rate is 6.75% APR, and payments are made monthly for five years, what percentage of the outstanding principal does the company pay in interest each month?
A) 0.56%
B) 5.63%
C) 0.51%
D) 0.61%
E) 0.66%
Correct Answer:
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