Suppose that you borrow 1000 and the loan is to be repaid, Financial Management

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Suppose that you borrow 1000 and the loan is to be repaid

Suppose that you borrow $1,000 and the loan is to be repaid in three equal, end of year payments (an ordinary annuity). The interest rate on the loan is 6%. How of the second payment goes to paying interest? Choose the closest answer.

$60

$41.15

$33.33

$12.95

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Financial Management: Suppose that you borrow 1000 and the loan is to be repaid

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Financial Management: Suppose that you borrow 1000 and the loan is to be repaid

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