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

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Reference no: EM131487541

Suppose you borrowed 30,000 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?

a. 22,112.76

b. 19,118.33

c. 23,034.13

d. 20,961.06

e. 22,343.11

Reference no: EM131487541

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