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A 10-Year Loan in the Amount of $238,000 Is to Be

Question 90

Multiple Choice

A 10-year loan in the amount of $238,000 is to be repaid in equal annual payments.The interest rate is 7 percent,compounded annually.What is the amount of interest that is included in the loan payment for Year 3?


A) $14,163.97
B) $19,721.88
C) $33,885.85
D) $31,221.07
E) $15,454.19 A 10-year loan in the amount of $238,000 is to be repaid in equal annual payments.The interest rate is 7 percent,compounded annually.What is the amount of interest that is included in the loan payment for Year 3? A) $14,163.97 B) $19,721.88 C) $33,885.85 D) $31,221.07 E) $15,454.19 A 10-year loan in the amount of $238,000 is to be repaid in equal annual payments.The interest rate is 7 percent,compounded annually.What is the amount of interest that is included in the loan payment for Year 3? A) $14,163.97 B) $19,721.88 C) $33,885.85 D) $31,221.07 E) $15,454.19

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