You take out 1 $10,000 loan for 7 years at an annual interest rate of 5% and with fixed annual loan payments of $1,728.20. The percent of the first fixed payment that is applied to interest would be. .O A. 71%O B. 29%O c. 38%O D. 86%

Borrowed amount is $10,000 Annual interest rate is 5% Payment per year is $1,728.20 To Find:…

Answered: You take out 1 $10,000 loan for 7 years…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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You take out 1 $10,000 loan for 7 years at an annual interest rate of 5% and with fixed annual loan payments of $1,728.20. The percent of the first fixed payment that is applied to interest would be. O A. 71% O B. 29% O c. 38% O D. 86%