John Doeber borrowed $150,000 to buy a house. His loan cost was 6% and he promised to
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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. What is the principal outstanding after the first loan payment?
- $143,555
- $134,560
- $141,200
- $138,620
Related Book For
Money, Banking, and the Financial System
ISBN: 978-0134524061
3rd edition
Authors: R. Glenn Hubbard, Anthony Patrick O'Brien
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