Sielert Corporation borrowed $900,000 from National Bank on May 31, 2013. The three-year, 7% note required annual payments of $342,945 beginning May 31, 2014. The total amount of interest to be paid over the life of the loan is
A) $63,000.
B) $128,835.
C) $251,403.
D) $189,000.

Question

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The Answer of Sielert Corporation borrowed $900,000 from National Bank on May 31, 2013. The three-year, 7% note required annual payments of $342,945 beginning May 31, 2014. The total amount of interest to be paid over the life of the loan is
A) $63,000.
B) $128,835.
C) $251,403.
D) $189,000.

Sielert Corporation Borrowed $900,000 from National Bank on May 31