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Question
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?a. $10,155.68
b. $10,690.19
c. $11,252.83
d. $11,845.09
e. $12,468.51
Answer
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