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By how much would you reduce the amount

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Question - 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. By how much would you reduce the amount you owe in the first year?

a. $2,404.91

b. $2,531.49

c. $2,658.06

d. $2,790.96

e. $2,930.51

Reference no: EM132903742

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