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You are considering making a loan at the bank. You will borrow $20,000 from the bank today. The interest rate on the loan is 10

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You are considering making a loan at the bank. You will borrow $20,000 from the bank today. The interest rate on the loan is 10 percent nominal compounded annually. You will completely pay off the loan with two equal payments. The first payment is due one year from today, and the second payment is due two years from today. Your loan payments will be $11,523.81 each. Create an amortization table for the loan. From your amortization table, how much will the principal portion of the payment, in dollars, be on the second year of the loan. Note: Your answer to this problem might be slightly off due to rounding. Select the closest answer. A. $9,523.81 O B. $1,047.62 O C. $20,000.00 D. $0 O E. $10,476.19

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