Question: You have taken out a loan of $ 1 0 , 0 0 0 to be repaid over the next 6 years. The annual payment

You have taken out a loan of $10,000 to be repaid over the next 6 years. The annual payment is $1,900. The loan repayment plan is structured to consist of equal annual payments. Based on this arrangement:
a. Calculate the interest rate.
c. Determine the amount of interest paid in the second year of the loan.
d. Find out the remaining principal balance at the end of the fourth year.
e. Show all your calculations for full credit.

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