You obtain a loan of $3,000 based on simple interest with an annual interest rate of 12%, or 1% a month. If the first payment is $300, how much is the principal portion of the payment?
A) $27
B) $270
C) $280
D) $295
Answer: B
Explanation: B) $300 - ($3,000 × 0.01) = $270
Business
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