13. A homeowner plans to borrow $1,500,000 for home improvement. The loan is to be repaid in five equal payments at the end of each of the next 5 years. The lender charges an interest rate of 6.25%. a. What are the equal payments that must be paid every year for the next five years? [3 marks] b. Calculate the interest portion of the payments and the principal for the five years. [2 marks] c. If the terms of the loan change so that payments will be made at the beginning of each year: i. Determine the annual payment [3 marks] ii. Determine the total interest and principal to be repaid over the five-year period [2 marks] AAAA