Question
Shelly Sanders gets a loan for $2,000 and repays the loan in 12 monthly payments of $172.50 per month. Under the APR formula, what is
Shelly Sanders gets a loan for $2,000 and repays the loan in 12 monthly payments of $172.50 per month. Under the APR formula, what is the amount of interest included in her first payment?
A) $9.61
B)$ 8.17
C)$ 10.77
D) $ 5.83
E) $ 9.33
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Foundations Of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
17th Edition
126001391X, 978-1260013917
