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Consider a 12-year loan with annual payments at 5%. If the loan amount is $250,000, compute the interest paid in the eighth year. a. 6,000

Consider a 12-year loan with annual payments at 5%. If the loan amount is $250,000, compute the interest paid in the eighth year.

a.

6,000
b.

6,200.73
c.

6,500
d.

6,105.94

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