3) The company borrowed $20,000 to finance its business operation. The loan is due on December 31.

Required: Calculate the interest and principle the company would have to pay the bank on December 31 under each of the following assumptions:

1. a) The loan is at 12%, borrowed on January 2 of the same year.

2. b) The loan is at 10%, borrowed on January 2 of the same year.

3. c) The loan is at 12%, borrowed on April 1 of the same year.

4. d) The loan is at 9%, borrowed on September 1 of the same year.