3. The interest rate is 3%. You borrow $10,0 00 and pay it off in 5 equal instalments. You are given two grace periods [so your rst payment is at n=3]. Interest is accruing over the grace period, so this is not an interest free period. What is [4 ? Choose the closest value. Note: I am looking for the interest payment at time: n=4, not the one associated with the 4th payment, which is 15