Question: You plan to borrow $ 3 9 , 2 0 0 at a 7 . 5 % annual interest rate. The terms require you to

You plan to borrow $39,200 at a 7.5% 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 inYear 2?
a. $2,644
b. $2,605
c. $6,885
d. $2,940
e. $7,401

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