Suppose you borrowed $15,000 at a rate of 11.1% and must repay it in 5 equal installments at the end of each of the next 5 years. How much interest would you have to pay in the first year?

A. $1,248.75
B. $1,481.85
C. $1,615.05
D. $1,665.00
E. $1,714.95


Answer: D

Business

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