A bank just approved your small business loan for $25,000. The loan has an interest rate of 10.5% and will be repaid with 10 end-of-year payments. What is the required annual loan payment?

$3,116.40

$3,254.91

$4,572.23

$3,981.65

$4,156.43

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

$13,339

$15,288

$15,557

$18,018

$11,122

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

51.22%

47.59%

49.44%

52.93%

54.56%