2. Amortization. Tanner has just begun paying off his student loans of $30,000 which he has decided to pay off over the next 15 years at an annual rate of 5%, compounded monthly, making monthly payments. Use an amortization table and present value tools to advise Tanner on the following:

2a. What will Tanner's monthly payment be?

2b. How much of Tanner's first monthly payment will be applied to pay down the interest on the loan?

2c. After making payments for 3 years, what will the outstanding balance be in principle owed on his student loans?