3.) Michael and Ashley owe $35,000 on their student loans at an interest rate of 5%. The term is 20 years.

3A) Find their monthly payment.

3B) Construct the amortization table for their student loans.

How much of their first payment goes toward interest?

How much of their first payment goes toward principal?

After making their first payment, what is the remaining balance?

3C) How much of their second payment goes toward interest?

How much of their second payment goes toward principal?

After making their second payment, what is the remaining balance?

3D) What is the total amount of interest that Michael and Ashley will pay on their student loans in the first year?