Fornelli Corporation borrowed $800,000 from Central Bank on May 31, 2016. The three-year, 7% note required annual payments of $304,840 beginning May 31, 2017. The total amount of interest to be paid over the life of the loan is
A)$56,000.
B)$114,520.
C)$223,470.
D)$168,000.

Question

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The Answer of Fornelli Corporation borrowed $800,000 from Central Bank on May 31, 2016. The three-year, 7% note required annual payments of $304,840 beginning May 31, 2017. The total amount of interest to be paid over the life of the loan is
A)$56,000.
B)$114,520.
C)$223,470.
D)$168,000.

Fornelli Corporation Borrowed $800,000 from Central Bank on May 31