Question: 31-33. Please use the information below to find the correct answer. The initial loan amount: $33,000 Interest: 6.5% and compound annually. The loan will mature

31-33. Please use the information below to find the correct answer.

The initial loan amount: $33,000

Interest: 6.5% and compound annually.

The loan will mature in 3 years.

Year

Beginning Balance

Payment

Interest(6.5%)

Repayment of Principal

Remaining Balance

1

$33,000.00

A

$2,145

$10,315.00

$22,685.00

2

22,685.00

A

B

C

11,699.53

3

11,699.53

A

760.47

11,699.53

0.00

What is the payment for the loan(A)?

What is the interest payment in year 2(B)?

What is the principal repayment in year 2(C)?

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