You have a 5-year amortized loan with a nominal rate of 11% and annual
You have a 5-year amortized loan with a nominal rate of 11% and annual payments of $541.14. What is the original (time 0 ) principal of the loan?
A) $2,000.00
B) $2,705.70
C) $2,289.31
D) $1,678.86
E) $2,051.35
ANSWER
A
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