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You plan to borrow $30,700 at a 6.6% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How

You plan to borrow $30,700 at a 6.6% 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. $5,617.29

b. $2,026.20

c. $5,269.51

d. $1,789.19

e. $1,812.14

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