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1. Your bank offers to lend you $100,000 at an 8.5% annual interest rate to start a new business. The terms require you to amortize

1. Your bank offers to lend you $100,000 at an 8.5% annual interest rate to start a new business. The terms require you to amortize the loan with 10 equal end of year payments. How much interest would you be paying in year two?

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