Plan to Borrow $35,000 at a 7

Multiple Choice

plan to borrow $35,000 at a 7.5% annual interest rate.The terms require you to amortize the loan with 7 equal end-of-year payments.How much interest would you be paying in Year 2?

A) $1,994.49
B) $2,099.46
C) $2,209.96
D) $2,326.27
E) $2,442.59