Your bank offers to lend you $114,400 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. $7,254.82
B. $8,161.67
C. $8,615.10
D. $9,068.53
E. $10,428.81
Answer: D
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