Question
John borrowed $20,000 to finance his college education. If the finance charge on the loan is 6.00% per year, and he will pay off the
John borrowed $20,000 to finance his college education. If the finance charge on the loan is 6.00% per year, and he will pay off the loan in 10 equal, annual, end-of-year payments, how much total interest (rounded to the nearest dollar) will he pay?
A: $2,717
B: $7,174
C: $11,168
D: $27,174
E: $31,168
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Fundamentals Of Corporate Finance
Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford
5th Edition
0135811600, 978-0135811603
