For each of the loan amounts, interest rates, loan terms, and annual payments shown in the following table, calculate the annual interest paid each year over the term of the loan, assuming that the payments are made at the end of each year.
|
Loan
|
Amount
|
Interest Rate
|
Term
|
Annual Payment
|
|
A
|
$ 20,000
|
8.0%
|
4 years
|
$ 6,038
|
|
B
|
35,500
|
7.0
|
6
|
7,448
|
|
C
|
152,500
|
9.0
|
5
|
39,207
|
|
D
|
250,000
|
7.5
|
10
|
36,421
|
|
E
|
575,500
|
6.0
|
15
|
59,204
|