Question: 10 . TI Calculator Graded Problem Set A bank just approved your small business loan for $25,000. The loan has an interest rate of 7.5%

10 . TI Calculator Graded Problem Set

A bank just approved your small business loan for $25,000. The loan has an interest rate of 7.5% and will be repaid with 10 end-of-year payments. What is the required annual loan payment?

$4,456.43

$3,254.91

$3,116.40

$3,642.15

$3,396.03

Halfway through the loan's life, what is the loans remaining balance?

$13,339

$11,122

$16,551

$15,557

$14,736

What percentage of the total payments made during the first five years will be made toward interest?

52.93%

56.13%

43.64%

49.44%

54.56%

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