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How much would still owe at the end of the first year

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Question 1: 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. How much would you still owe at the end of the first year, after you have made the first payment?

Option a. $10,155.68

Option b. $11,252.83

Option c. $12,468.51

Option d. $11,845.09

Option e. $10,690.19

Reference no: EM132484918

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