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How much interest would be paying in year

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Problem 1: You plan to borrow $30,000 at a 7% annual interest rate. The terms require you to amortize the loan with six equal end-of-year payments. How much interest would you be paying in Year 2?

Option a. $1,548.79

Option b. $1,630.30

Option c. $1,716.11

Option d. $1,806.43

Reference no: EM132623784

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