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Hi Ive also got this one that I cant seem to understand how to apply the coreect formula if you could please explain that would be perfect Thanks Robert borrows 10500 from a bank at 11

Hi, I've also got this one that I can't seem to understand how to apply the coreect formula, if you could please explain, that would be perfect. Thanks!

Robert borrows $10,500 from a bank at 11 percent annually compounded interest to be repaid in six equal annual installments. The interest paid in the second year is

A. $1,155.

B. $2,482.

C. $882.

D. $1,009.

E. $1,472.

 

Aug 30 2020 View more View Less

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