Question: You plan to borrow $ 3 0 , 2 0 0 at a 6 . 9 % annual interest rate. The terms require you to

You plan to borrow $30,200 at a 6.9% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How much interest would you be paying in Year 2?
a. $5,223.75
b. $1,867.14
c. $2,083.80
d. $1,842.27
e. $5,584.19

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