### What amount of the payment will represent interest

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You borrow \$20,000 today at an annual interest rate of 8 % You will repay the loan through three annual payments of \$7, 760.67, with the first payment to be made one year from today. When you make the SECOND payment, two years from today, what amount of the \$7, 760.67 payment will represent interest? a. \$6, 160.67 b. \$1, 600.00 c. \$1, 107.15 d. \$574.86.

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