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kodGreya [7K]
2 years ago
5

Suppose you borrowed $15,000 at a rate of 11.1% 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?
Mathematics
1 answer:
Elodia [21]2 years ago
3 0

Answer:

The answer is $1,665.

Step-by-step explanation:

<h2>$15,000 x 0.111 (11.1%) = $1,665 x 5 = $8,325 ÷ 5 = $1,665</h2><h2>                                                    </h2><h2 /><h2 />
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