Juniper Stores borrowed $80,000 for four years at an interest rate of 9 percent,compounded annually.The loan requires the payment of the annual interest plus $20,000 of principal each year.What is the amount of the total loan payment in Year 2?
A) $26,300
B) $27,200
C) $25,400
D) $28,800
E) $23,600
Correct Answer:
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