Question: The initial loan amount: $33,000 Interest: 6.5% and compound annually. The loan will mature in 3 years. Year 1 2 3 Beginning Balance $33,000.00

The initial loan amount: $33,000 Interest: 6.5% and compound annually. The loan will mature in 3 years. Year 1 2 3 Beginning Balance $33,000.00 22,685.00 11,699.53 Payment A A A What is the payment for the loan(A)? Interest(6.5%) $2,145 B 760.47 Repayment of Principal $10,315.00 C 11,699.53 Remaining Balance $22,685.00 11,699.53 0.00

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