Question: 12. (8 Points) A loan is repaid with level annual payments based on an annual effective interest rate of 7%. The 8th payment consists of

12. (8 Points) A loan is repaid with level annual payments

12. (8 Points) A loan is repaid with level annual payments based on an annual effective interest rate of 7%. The 8th payment consists of $789 of interest and $211 of principal. Calculate the amount of interest paid in the 18th payment. (a) 415 (b) 444 (c) 556 (d) 585 (e) 612 12. (8 Points) A loan is repaid with level annual payments based on an annual effective interest rate of 7%. The 8th payment consists of $789 of interest and $211 of principal. Calculate the amount of interest paid in the 18th payment. (a) 415 (b) 444 (c) 556 (d) 585 (e) 612

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