Question: You plan to borrow $ 4 0 , 1 0 0 at a 6 . 9 % annual interest rate. The terms require you to

You plan to borrow $40,100 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. $2,446.20
b. $2,479.22
c. $2,766.90
d. $6,936.17
e. $7,414.76
 You plan to borrow $40,100 at a 6.9% annual interest rate.

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