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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?

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bushmichael422

Answer:

The answer is $1,665.

Step-by-step explanation:

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

                                                   

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