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You plan to borrow $46,100 at an 8.3% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How

You plan to borrow $46,100 at an 8.3% 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. $8,260.01
b. $8,945.59
c. $3,401.40
d. $3,826.30
e. $3,458.30

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