Question: Need a typed answer as well as soon 8) You obtain a loan of $3,000 based on simple interest with an annual interest rate of

Need a typed answer as well as soon

8) You obtain a loan of $3,000 based on simple interest with an annual interest rate of 12 percent, or 1% a month. If the first payment is $300, how much is the principal portion of the payment? A) $27 B) $270 C) $280 D) $295

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