Homework question help needed

label Accounting
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schedule 1 Day
account_balance_wallet $5

You just took out a $12,000 loan for your small business. The loan has a 4 year term and repayment is in the form of 4 equal end-of-year payments. The interest rate on the loan is 11.5%. Consider the final loan payment. How much interest do you pay in the final payment?

Jun 24th, 2015

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The answer is

$403.20

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Jun 24th, 2015

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