Multiple Choice
You 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
Correct Answer:
Verified
Correct Answer:
Verified
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