Question: Question 7 (10 points) The truck that we will use in our business costs $100,000. 10% of this cost will be paid as a down

Question 7 (10 points) The truck that we will use in

Question 7 (10 points) The truck that we will use in our business costs $100,000. 10% of this cost will be paid as a down payment. For the remaining cost of this truck, we will take out a loan from a bank at 53% APR, compounded semiannually. We will make a monthly installment to pay off the loan in two years. Using this information, determine the principle payment in 10th payment. a) None of the answers is correct b) Between $3,400 and $3,550 c) Between $3,600 and $3,750 d) Between $3,800 and $3,950 e) Between $3,200 and $3,350

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