If you borrow $50,000 at an annual interest rate of 12% for six years, what is the annual payment (prior to maturity) on an interest-only type of loan?
A) $0.00
B) $6,000.00
C) $8,333.33
D) $12,161.29
Answer: B
Explanation: B) Interest payment = r × PV = .12 × $50,000 = $6,000
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