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You plan to borrow $49,000 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 $49,000 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?

Select the correct answer.

a. $3,248.38

b. $3,253.98

c. $3,251.18

d. $3,262.38

e. $3,256.78

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