Multiple Choice
Your bank offers to lend you $113,200 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) $7,178.72
B) $8,076.06
C) $8,524.73
D) $8,973.40
E) $10,319.41
Correct Answer:
Verified
Correct Answer:
Verified
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