Zach & Stefan Enterprises borrowed $2,500 today. The loan agreement requires them to repay $2,685 in one lump sum payment one year from now. This type of loan is referred to as a(n): Zach & Stefan Enterprises pure discount loan. amortized loan. compound interest loan. interest-only loan. You just borrowed $6,000 for 3 years at an APR of 7 percent. The amortized loan calls for payments of $2,286.31 per year at the end of each year. How much will YOU pay in interest in over the life of the amortized loan? Year Beginning Balance Total Payment Interest Paid Principal Paic 6,000.00 2,286.31 420.00 1866.31 2 4,133.69 2,286.31 289.36 1996.95 3 2,136.73 2,286.31 ? $858.93 $709.36 $924.89 $1,260.00