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How much interest is paid in the first payment interval

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Reference no: EM132721924

Problem 1: A construction company borrowed $21,000 from the local bank at 3.75% compounded monthly. The loan will be paid off with $6000 payments at the end of every quarter. How much interest is paid in the first payment interval?

Select one:

a. $196.88
b. $32.13
c. $197.49
d. $5802.51

Reference no: EM132721924

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