5. Craig takes out a ten-year loan of , which he repays by the amortization method at an annual effective interest rate of . Craig makes payments of 1,000 at the end of each year. The total amount of interest repaid during the life of the loan is also equal to . Calculate the amount of interest repaid during the first year of the loan. (Hint: Total amount of interest paid = Total payments - Loan amount)

a) 725 b) 750 c) 755 d) 760 e) 765

Financial mathematics

pls do not use excel

use formula and series of financial mathematics