Question: Multiple choice: A $40,000 loan at 6.6% compounded monthly will be repaid by monthly payments over ten years. Calculate the principal component of Payment 63.

Multiple choice:

A $40,000 loan at 6.6% compounded monthly will be repaid by monthly payments over ten years. Calculate the principal component of Payment 63.

A. $357.74

B. $331.91

C. $124.32

D. $345.22

E. $350

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