A bank just approved your small business loan for $30,000. The loan has an interest rate of 6.5% and will be repaid with 10 end-of-year payments. What is the required annual loan payment?

$3,981.65

$4,173.14

$4,572.23

$4,271.33

$3,254.91

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

$17,342

$13,339

$17,513

$18,018

$15,288

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

52.93%

47.59%

51.22%

39.34%

41.53%