Suppose you borrowed $15, 000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years.How much would you still owe at the end of the first year, after you have made the first payment?
A) $10, 155.68
B) $10, 690.19
C) $11, 252.83
D) $11, 845.09
E) $12, 468.51
Correct Answer:
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