Your company has just taken out a 1-year installment loan for $72,500 at a nominal rate of 20.0% but with equal end-of-month

Question

Your company has just taken out a 1-year installment loan for $72,500 at a nominal rate of 20.0% but with equal end-of-month payments. What percentage of
the 2nd monthly payment will go toward the repayment of principal?
O a. 71.70%
Ob. 97.55%
O c. 83.37%
d. 101.72%
e. 86.71%
3

Kunduz · Accepted Answer

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