3) 30 year loan is being paid off by amortization, with payments made at the end of each year. The first 5 payments are $0, the next 11 payments are $600 each, and the subsequent 14 payments increase by $100 each year. If the effective interest rate is 10%, a) (3 points) Write down an expression for the present value of the loan at t=0.- b) (3 points) Write down an expression for the loan balance at the end of 7 years ? - e ) (3 points) Write down an expression for the loan balance at the end of 25 years ? 3) 30 year loan is being paid off by amortization, with payments made at the end of each year. The first 5 payments are $0, the next 11 payments are $600 each, and the subsequent 14 payments increase by $100 each year. If the effective interest rate is 10%, a) (3 points) Write down an expression for the present value of the loan at t=0.- b) (3 points) Write down an expression for the loan balance at the end of 7 years ? - e ) (3 points) Write down an expression for the loan balance at the end of 25 years