Your company has just taken out a 1-year installment loan for $72,500 at a nominal rate of 20.0% but with equal end-of-month payments. What percentage of the 2nd monthly payment will go toward the repayment of principal?
A. 101.72%
B. 71.70%
C. 86.71%
D. 83.37%
E. 97.55%
Answer: D
Business
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