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A construction company takes a loan of $280,000 to cover the cost of a new grader. If the interest rate is 8.75% APR, and payments

A construction company takes a loan of $280,000 to cover the cost of a new grader. If the interest rate is 8.75% APR, and payments are made monthly for five years, what percentage of the outstanding principle does the company pay in interest each month?

(a) 0.73%

(b) 7.29%

(c) 8.75%

(d) 9.25%

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