Multiple Choice
You plan to borrow $75,000 at a 7% annual interest rate.The terms require you to amortize the loan with 10 equal end-of-year payments.How much interest would you be paying in Year 2?
A) $4,395.19
B) $4,626.52
C) $4,870.02
D) $5,113.52
Correct Answer:
Verified
Correct Answer:
Verified
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