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You plan to borrow $ 3 6 , 5 0 0 at a 7 . 4 % annual interest rate. The terms require you to

You plan to borrow $36,500 at a 7.4% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How much interest would you be paying in Year 2?
a. $2,392.68
b. $6,394.26
c. $6,867.43
d. $2,701.00
e. $2,427.70
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