+ 25. Carter borrows $20,000 to pay for college tuition. The loan is fully amortized over a three-year period with an interest rate of 8%. What is Carter's remaining balance at the end of Year Two? Step 1: Solve for the yearly payment. NPER: RATE: PV: PMT: FV: lululol 3 Period Column A Yearly Payment Annual Interest Payment: Amount Due to Mia Upon Maturity: Column B Interest Portion Column C Principal Portion Who is correct? Jared or Jessica?? At Maturity 26. Richie borrows $20,000 from Mia to pay for college tuition. He negotiates an interest-only loan for a six-year term at an interest rate of 10%. What is Richie's annual interest payment and what will he owe Mia upon maturity? Please show your math! Column D Outstanding Principal Balance 27. Jared and Jessica are walking across campus discussing fully amortizing and partially amortizing loans. Jared proclaims that in the case of a fully amortizing loan, the borrower must make a small balloon payment upon maturity. Jessica is certain that this is incorrect. As she remembers from class on March 11, 2021, a fully amortizing loan involves the full repayment of the loan over the life of the loan.