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Please use financial calculator if possible A bank just approved your small business...

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Finance

Please use financial calculator if possible

A bank just approved your small business loan for $20,000. The loan has an interest rate of 10.0% and will be repaid with 10 end-of-year payments. What is the required annual loan payment?

$4,373.14

$3,396.03

$3,642.15

$3,116.40

$3,254.91

Halfway through the loan's life, what is the loans remaining balance?

$12,339

$17,342

$14,736

$11,122

$16,551

What percentage of the total payments made during the first five years will be made toward interest?

43.64%

56.13%

52.93%

39.34%

49.44%

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