7. A business borrowed loan of $500 at interest rate is 1.5 percent per month for five months from a bank. The loan agreement calls for the borrower to pay the interest on the loan balance each month and to reduce the loan balance each month by $100. How much total interest is paid over the life of the loan? Year Beginning Balance Principal Paid Interest Paid Total Payment Ending Balance 1 2. 3 4 5 Totals