You plan to borrow $47,400 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?
A. $2,520.35
B. $2,835.40
C. $2,992.92
D. $3,150.44
E. $3,623.01
Answer: D
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