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You plan to borrow $42,700 at a 6.9% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How

You plan to borrow $42,700 at a 6.9% 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. $7,895.52
b. $2,639.97
c. $2,604.80
d. $2,946.30
e. $7,385.89

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