A bank just approved your small business loan for $25,000. The loan has an interest rate of 9.5% and will be repaid with 10 end-of-year payments. What is the required annual loan payment?

$4,456.43

$4,572.23

$2,980.59

$3,981.65

$3,116.40

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

$15,557

$11,901

$18,018

$15,288

$11,122

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

54.56%

49.44%

51.22%

47.59%

45.66%