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You plan to borrow $45,200 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 $45,200 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. $2,854.01

b. $2,403.37

c. $3,454.85

d. $2,703.80

e. $3,004.22

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