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You are considering making a loan at the bank. You will borrow $40,000 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 $40,000 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 $23,047.62 each. You job is to create an amortization table for the loan. From your amortization table, how much, in dollars, is the interest portion of the payment in year 2 of the loan? Your answer may slightly differ from the options here due to rounding. Please select the closest answer A. $23,047.62 B. $4,000.00 O C. $20,952.38 D. $19,042.62 E. $2,095.24

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