Suppose you borrowed $35,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years.By how much would you reduce the amount you owe in the first year?
A) $5,906.80
B) $5,788.67
C) $6,261.21
D) $5,375.19
E) $7,324.43

Question

Quizplus · Accepted Answer

The Answer of Suppose you borrowed $35,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years.By how much would you reduce the amount you owe in the first year?
A) $5,906.80
B) $5,788.67
C) $6,261.21
D) $5,375.19
E) $7,324.43

Suppose You Borrowed $35,000 at a Rate of 8