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How do find each interest payment will be for

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Reference no: EM132710868

Problem 1: Knoll Manufacturing lends its supplier $174,000 for 3 years at a 6% annual interest rate. Interest payments are to be made twice a year. Each interest payment will be for:

Multiple Choice

Option 1: $10,440.
Option 2: $15,660.
Option 3: $5,220.
Option 4: $31,320.

Reference no: EM132710868

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