Your Company Is Planning to Borrow $1,000,000 on a 5-Year,15%,annual

Multiple Choice

Your company is planning to borrow $1,000,000 on a 5-year,15%,annual payment,fully amortized term loan.What fraction of the payment made at the end of the second year will represent repayment of principal?

A) 29.83%
B) 57.18%
C) 35.02%
D) 64.45%
E) 72.36%