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2. (18 pts) You are taking out a $13,000 loan today at 5% compounded annually. You will pay back the loan with 7 equal end-of-year
2. (18 pts) You are taking out a $13,000 loan today at 5% compounded annually. You will pay back the loan with 7 equal end-of-year payments. a. How much interest will you owe in the fourth year? b. How much money will you still owe the bank at the end of the fourth year? C. How much money will you owe the bank at the end of year 7 after you have paid the 7th equal end-of-year payment
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