7. Bob takes out a loan of 1000 at an annual effective interest rate of i. you are given: (i) The first payment is made at the end of year 6; (ii) Ten equal annual payments are made to repay the loan in full at the end of 15 years; and (iii) The outstanding principal after the payment made at the end of year 10 is 908.91. Calculate the outstanding principal at the end of year 5. A) 1390 B) 1420 C) 1450 D) 1480 E) 1510 7. Bob takes out a loan of 1000 at an annual effective interest rate of i. you are given: (i) The first payment is made at the end of year 6; (ii) Ten equal annual payments are made to repay the loan in full at the end of 15 years; and (iii) The outstanding principal after the payment made at the end of year 10 is 908.91. Calculate the outstanding principal at the end of year 5. A) 1390 B) 1420 C) 1450 D) 1480 E) 1510