Question: Juniper Stores borrowed $98,000 for five years at an interest rate of 6.7 percent, compounded annually. The loan requires the payment of the annual interest

Juniper Stores borrowed $98,000 for five years at an interest rate of 6.7 percent, compounded annually. The loan requires the payment of the annual interest plus $19,600 of principal each year. What is the amount of the total loan payment in Year 3 ? Multiple Choice $22,848.20 $22.766.67 $24,033.33 $23,600.67 $23,539.60

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