(Answered) Assume that you borrowed 1000 from a bank the bank charges

Finance

Assume that you borrowed $1,000 from a bank. The bank charges 12% interest and requires that the loan be repaid in 24 monthly installments. The interest expense you would incur for the first year would be:

a. $120.

b. more than $120.

c. less than $120.

d. less than interest expense for the second year.

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