Multiple Choice
You plan to borrow $47,400 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) $2,520.35
B) $2,835.40
C) $2,992.92
D) $3,150.44
E) $3,623.01
Correct Answer:
Verified
Correct Answer:
Verified
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