Question: Each payment covers the interest expense plus reduces principal. Consider a 4 year loan with annual payments. The interest rate is 8%, and the principal

Each payment covers the interest expense plus reduces principal. Consider a 4 year loan with annual payments. The interest rate is 8%, and the principal amount is $4969. What is the annual payment? (in dollars) a. 1100 b. 1200 c. 1300 d. 1500 h. 1700 ea oboe od

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