The Egg House just borrowed $250,000 to build a new restaurant. The loan terms call for equal annual payments at the end of each year. The loan is for 15 years at an APR of 8 percent. How much of the first annual payment will be used to reduce the principal balance?

$9,207.39

$9,575.68

$10,211.08

$16,666.67

$17,333.33

Taylor Farms is borrowing $75,000 for four years at an APR of 9 percent. The loan calls for the principal balance to be reduced by equal amounts over the life of the loan. Interest is to be paid in full each year. The payments are to be made annually at the end of each year. How much will Taylor Farms pay in interest over the life of this loan?

$12,311.67

$13,500.00

$16,875.00

$17,600.60

$27,000.00