Aeron Electrics borrowed $120,000 for five years at an interest rate of 8 percent,compounded annually.The loan requires repayment of the interest annually.In addition,the principal must be repaid in equal annual payments.What is the amount of the total loan payment in year three?
A) $27,840
B) $28,220
C) $27,680
D) $25,920
E) $29,760
Correct Answer:
Verified
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