Made the first payment, You borrowed $8,000 at a rate of

Made the first payment

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Reference no: EM131087987

You borrowed $8,000 at a rate of 7.5% and must repay it in 5 equal payments 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. $6,022.68 B. $1,977.32 C. $6,622.68 D. $14,411.02

Reference no: EM131087987

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