Multiple Choice
Your bank offers to lend you $100, 000 at an 8.5% annual interest rate to start your new business.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) $7, 531
B) $7, 927
C) $8, 323
D) $8, 740
E) $9, 177
Correct Answer:
Verified
Correct Answer:
Verified
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