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Question
The Desai Company just borrowed $1,000,000 for 3 years at a quoted rate of 8 percent, quarterly compounding. The loan is to be amortized in end-of-quarter payments over its 3-year life. How much interest (in dollars) will your company have to pay during the second quarter?
a. $15,675.19
b. $18,508.81
c. $21,205.33
d. $24,678.89
e. $28,111.66
Answer
This answer is hidden. It contains 186 characters.
Related questions
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