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You plan to borrow $41,500 at an 8.2% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How

You plan to borrow $41,500 at an 8.2% 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. $3,023.95

b. $7,417.38

c. $3,403.00

d. $3,073.82

e. $8,025.61

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