You borrow $20,000 at an interest rate of 6%, with the intent of paying the loan off in equal annual payments over 10 years. Prepare an amortization schedule for the loan. How much interest will you pay over the life of the loan? You just received a quote for a car loan at 1.9% APR for 36 months. If the car costs $30,000, what are the payments? What is the effective annual rate? Given the loan in question 2, If you decide to sell the car after 2 years, what is your payoff amount?