Question: Question A loan is to be repaid in level installments payable at the end of each year for seven years. The effective annual interest rate

Question A loan is to be repaid in level installments payable

Question A loan is to be repaid in level installments payable at the end of each year for seven years. The effective annual interest rate on the loan is 4%. After the fourth payment, the principal remaining is $5,000. Which of the following is closest to the amount of the loan? Possible Answers A $10,625 B $10,675 C $10,725 A $10,775 E $10,825 M

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