A bank just approved your small business loan for $20,000. The loan has an interest rate of 10.0% and will be repaid with 10 end-of-year payments. What is the required annual loan payment?

$4,373.14

$2,980.59

$4,572.23

$3,254.91

$4,271.33

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

$17,513

$18,018

$12,339

$17,342

$11,901

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

45.66%

41.53%

52.93%

47.59%

39.34%