Your business has just taken out a -year installment loan for

Question

Your business has just taken out a 1-year installment loan for $72,500 at a nominal rate of 11.0% but with equal end-of-month payments. What percentage of the 2nd monthly payment will go toward the repayment of principal?

a. 73.67%

b. 77.55%

c. 81.63%

d. 85.93%

e. 90.45%

Answer

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