PLEASE USA BA II WHEN POSSIBLE. A construction company takes a loan of $1,732,000 to cover the cost of a new grader. If the interest rate is 8.55% APR, and payments are made monthly for five years, what percentage of the outstanding principal does the company pay in interest each month? A. 0.71% B. 0.66% C. 7.13% D. 0.81%

PLEASE USA BA II WHEN POSSIBLE. A construction company takes a loan of $1,732,000 to cover the cost of a new grader. If the interest rate is 8.55% APR, and payments are made monthly for five years, what percentage of the outstanding principal does the company pay in interest each month? A. 0.71% B. 0.66% C. 7.13% D. 0.81%

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 19P

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