A bank just approved your small business loan for $20,000. The loan has an interest rate of 9.0% and will be repaid with 10 end-of-year payments. What is the required annual loan payment?

a. $2,980.59

b. $3,116.40

c. $3,981.65

d. $4,271.33

e. $3,254.91

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

a. $17,513

b. $13,339

c. $15,288

d. $12,122

e. $11,901

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

a. 45.66%

b. 51.22%

c. 49.44%

d. 52.93%

e. 41.53%