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You plan to borrow $ 4 8 , 3 0 0 at a 7 . 0 % annual interest rate. The terms require you to

You plan to borrow $48,300 at a 7.0% 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. $8,376
b. $8,962
c. $3,381
d. $2,990
e. $3,031
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