Question
John Doeber borrowed $150,000 to buy a house. His loan cost was 6% and he promised to repay the loan in 10 equal annual payments.
John Doeber borrowed $150,000 to buy a house. His loan cost was 6% and he promised to repay the loan in 10 equal annual payments. What is the principal outstanding after the first loan payment?
Multiple Choice
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$138,620
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$134,560
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$141,200
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$143,555
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Finance And Economics Discussion Series The Relocation Decisions Of Working Couples
Authors: United States Federal Reserve Board, Jonathan F. Pingle
1st Edition
1288709137, 9781288709137
