Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Suppose that Mark borrowed $27,750 on his car loan, and it is to be repaid in eight equal payments at the end of each of the next 8 years with 4.17% interest rate. What is the annual interest expense for Mark and the annual interest income for the car dealer during Year 4?
A.
$902.32
B.
$766.86
C.
$625.76
D.
$478.77
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