6. Loan amortization Aa Aa E A bank just approved your small business loan for $30,000. The loan has an interest rate of 7.0% and will be repaid with 10 end-of-year payments. What is the required annual loan payment? O O $4,373.14 $4,271.33 $3,254.91 $3,116.40 $3,642.15 Halfway through the loan's life, what is the loan's remaining balance? $17,513 $17,342 0 $14,736 O $15,557 $15,288 What percentage of the total payments made during the first five years will be made toward interest? O 54.56% O 43.64% O 41.53% 0 47.59% 52.93% FEB P You just won $50,000 on a scratch-off lottery ticket. You plan to save the money in a retirement account expected to return 6% per year. If you intend to retire in 45 years, how much are these lottery winnings expected to be worth when you retire? O O O $3,866,183 $871,576 $4,788,067 $688,231 $9,665,457 If you find an account that pays 7% annual interest instead of 6%, how much would you have at retirement? O $1,050,123 $1,890,221 O $1,915,227 O $5,831,239 $8,543,022 Suppose the new retirement account actually pays 7% interest per year and pays interest monthly. How much money would you have at retirement? O O O O O $3,616,360 $3,677,597 $17,034,358 $7,068,334 $1,156,173