Your bank offers to lend you $100,000 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. $7,531
B. $7,927
C. $8,323
D. $8,740
E. $9,177
Answer: B
Business
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