8 Today Sally Ha and wants to be able to buy 22 B arder to b

8) Today Sally Ha and wants to be able to buy 22 B arder to be able to pürchase 22 Big Macs nexd year 2.5%? A) 12.50% B) 732% C)7.50% 9) You take out a 55,000 loan for 5 years at $1.285.46 The percent of the (\' % he percent of the first fixed-n annual interest rate of 9% and with fixed annual loan payments of A) 35.0 B)665%payment that is applied to interest would be C) 15.34% to provide you with an annual retum to double r money, D) 103,45

Solution

Interest payment for the first payment=$5000*9%

=$450

Hence percent of first fixed payment that is applied to interest=$450/$1285.46

=35.01%(Approx).