You just took out a $12,000 loan for your small business. The loan has a...
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You just took out a $12,000 loan for your small business. The loan has a four year term and repayment is in the form of four equal
endminusofminusyear
payments. The interest rate on the loan is 11.5%. Consider the final loan payment. How much interest do you pay in the final payment?
A.
$403.20
B.
$1,380.00
C.
$1,089.13
D.
$350.61
E.
$764.81
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