You Plan to Borrow $35, 000 at a 7

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