3. Use the following amortization schedule to answer the questions below. Payment # Payment Interest Paid Principal Paid 0 1 $ 241.80 $221.52 $ 1,258.20 $ 1.278.48 2 3 $ 200.91 $ 1,500.00 $ 1,500.00 $ 1,500.00 $1,500.00 $ 1,500.00 $1,500.00 $1,500.00 $1,500.00 4 Outstanding Balance $ 15,000.00 $ 13,741.80 $ 12,463.32 $ 11,164.23 $ 9,844.20 $ 8,502.89 $ 7.139.95 $ 5,755.05 $ 1,299.09 $ 1,320.03 $ 1.341.31 $ 1,362.93 $ 179.97 $ 158.69 $ 137.07 5 6 7 $ 1,384.90 $ 115.10 $ 92.77 8 $ 1,407.23 $ 4,347.82 9 $ 1,500.00 $ 70.09 $ 1,429.91 $ 2.917.91 10 $ 47.04 $1,452.96 $ 1,464.95 11 $ 1,500.00 $ 1,488.56 $ 16,488.56 $ 23.62 $ 0.00 $ 1,464.94 $ 15,000.00 Totals $ 1,488.56 a) What is the initial principal of the loan? b) How much of the 7th payment goes towards interest? c) What is the total amount of interest charged