Your company is planning to borrow $1,000,000 on a 5-year, 15%, annual payment, fully amortized term loan. What fraction of the payment made at the end of the second year will represent repayment of principal?

Question 7 options:

a) 44.1%

b) 48.0%

c) 51.8%

d) 54.5%

e) 57.2%