Suppose you borrowed $12,000 at a rate of 9.6% and must repay it in 5 equal...

 

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Suppose you borrowed $12,000 at a rate of 9.6% and must repay it in 5 equal installments at the end of each of the next 5 years. How much interest would you have to pay in the first year? Suppose you borrowed $12,000 at a rate of 9.6% and must repay it in 5 equal installments at the end of each of the next 5 years. How much interest would you have to pay in the first year?

Answer rating: 100% (QA)

To determine the amount of interest you would have to pay in the first year we need to ... View the full answer