Question: Suppose you are paying off a $ 1 , 2 0 0 loan by paying $ 4 0 0 in principal repayment each year plus

Suppose you are paying off a $1,200 loan by paying $400 in principal repayment each year plus 10% yearly interest over a 3-year period. What is the total payment (interest plus principal) in the third year?
Multiple choice question.
$400
$1,320
$440
$800

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