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Your bank offers to lend you $114,400 at an 8.5% annual interest rate to start your new business. The terms require you to amortize the

Your bank offers to lend you $114,400 at an 8.5% annual interest rate to start your new business. The terms require you to amortize the loan with 10 equal end-of-year payments. How much interest would you be paying in Year 2?

a. $9,068.53 b. $8,615.10 c. $7,254.82 d. $10,428.81 e. $8,161.67

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