A bank just approved your small business loan for $20,000. The loan has an interest rate of 8% and will be repaid with 10 end-of-year payments. What is the required annual loan payment?

$4572.23

$4373.14

$2980.59

$4456.43

$3254.91

Halfway through the loan's life, what is the loan's remaining balance?

$13339

$16551

$18018

$11901

$17342

What percentage of the total payments made during the first five years will be made toward interest?

45.66%

41.53%

54.56%

39.34%

52.93%