3. You plan to borrow $1000 and repay it with five equal annual payments at an interest rate of 12%. You have a choice of making the payments at the end of each period (the first payment will occur one year from now), or at the beginning of each period (the first payment will occur today). If you choose to make the payments at the beginning of each period rather than at the end, how much smaller will the payments be? A. $28.15 B. $36.42 C. $29.72 D. $18.69