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A construction company takes a loan of $2,114,000 to cover the cost of a new grader. If the interest rate is 8% APR, and payments

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A construction company takes a loan of $2,114,000 to cover the cost of a new grader. If the interest rate is 8% APR, and payments are made monthly for five years, what percentage of the outstanding principal does the company pay in interest each month? A. 0.49% B. 0.67% C. 0.59% OD. 6.67%

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