Question: The next 2 questions utilize the following data: (please work out the full calculation, using formula, and not using excel. I need to know how

The next 2 questions utilize the following data: (please work out the full calculation, using formula, and not using excel. I need to know how to do this by hand.

You borrow $50,000. This loan will be paid back over 6 years, with payments made at the end of each year. The interest rate charged on the loan is 9%.

What is the balance of the loan at the end of year one?

A. $38,568 B. $39,731 C. $41,229 D. $43,354

How much interest was paid in year three?

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