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You plan to borrow $34,000 at a 7.5% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How

You plan to borrow $34,000 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 in Year 2?

Select the correct answer.

a. $2,259.81

b. $2,266.11

c. $2,247.21

d. $2,272.41

e. $2,278.71

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