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6. (8 points) A loan of 10,000 is repaid with level payments made at the end of each month for 36 months. The total amount

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6. (8 points) A loan of 10,000 is repaid with level payments made at the end of each month for 36 months. The total amount of interest paid in the second year is $X. The annual loan rate is 5.5% convertible monthly. Determine X (to the nearest dollar). (A) 282 (B) 286 (C) 290 (D) 294 (E) 298 Note: To receive full credit on this problem you must circle the correct answer and show all of your work

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