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The quarterly interest payment on a loan is $562.50 at a 7.5% annual rate. What is the principal amount? Select one: a. $30,000 b. $7,500

The quarterly interest payment on a loan is $562.50 at a 7.5% annual rate. What is the principal amount? Select one: a. $30,000 b. $7,500 You answered the question incorrectly. c. $90,000 d. $75,000

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