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.

Reference no: EM131524898

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