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You plan to borrow $39,600 at a 7.5% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How

You plan to borrow $39,600 at a 7.5% 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.	$3,026.82
b.	$2,105.61
c.	$2,632.01
d.	$2,368.81
e.	$2,500.41

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