The owner of a small business borrowed 70000 with an, Financial Management

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The owner of a small business borrowed 70000 with an

The Owner of a small business borrowed $70,000 with an agreement to repay the loan with quarterly payment over a five year time period. If the interest rate is %12 per year compounded quarterly, his loan payment each quarter is nearest to:

A) $2,605

B) $5,864

C) $9,375

D) $19,419

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Financial Management: The owner of a small business borrowed 70000 with an

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Financial Management: The owner of a small business borrowed 70000 with an

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