Suppose you borrowed $42,000 at a rate of 10.0% and must repay it in 5 equal installments at the end of each of the next 5 years. How much interest would you have to pay in the first year? Select the correct answer. a. $4,191.30 b. $4,202.90 C. $4,200.00 d. $4,194.20 e. $4,197.10 On January 1, 2016, your sister's pet supplies business obtained a 30-year amortized mortgage loan for $325,000 at a nominal annual rate of 7.0%, with 360 end-of- month payments. The firm can deduct the interest paid for tax purposes. What will the interest tax deduction be for 2016? Select the correct answer. a. $22,645.42 b. $22,646.22 C. $22,646.62 d. $22,647.02 e. $22,645.82