A construction company takes a loan of $2,246,000 to cover the cost of a new...
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Accounting
A construction company takes a loan of $2,246,000 to cover the cost of a new grader. If the interest rate is 8.95% APR, and payments are made monthly for five years, what percentage of the outstanding principal does the company pay in interest each month? O A 0.8% OB. 0.85% C. 0.75% OD. 0.7% E. 7.46%
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