Multiple Choice
You plan to borrow $45,200 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) $2,403.37
B) $2,703.80
C) $2,854.01
D) $3,004.22
E) $3,454.85
Correct Answer:
Verified
Correct Answer:
Verified
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