Question: Each payment covers the interest expense plus reduces principal. Consider a 4 year loan with annual payments. The interest rate is 896, and the princpal

Each payment covers the interest expense plus reduces principal. Consider a 4 year loan with annual payments. The interest rate is 896, and the princpal amount is $4969. What is the annual payment? (in dollars) QUESTION 11 O 1000 O 1100 O 1200 O 1300 O 1400 1500 O 1600 O 1700 O 1800

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