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You plan to borrow $47,500 at an 8.4% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How

You plan to borrow $47,500 at an 8.4% 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. $8,531.94

b. $9,248.62

c. $3,608.48

d. $3,990.00

e. $3,548.28

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