A bank just approved your small business loan for $20,000. The loan has an interest rate of 8.0% and will be repaid with 10 end-of-year payments. What is the required annual loan payment? $3, 254.91 $2, 980.59 $3, 981.65 $4, 572.23 $3, 396.03 Halfway through the loan's life, what is the loan's remaining balance? $16, 551 $15, 288 $11, 901 $17, 342 $13, 339 What percentage of the total payments made during the first five years will be made toward interest? 47.59% 45.66% 51.22% 52.93% 54.56%