7) Warren has a loan with an effective interest rate of 5% per annum. He makes payments at the end of each year for 10 years. The first payment is $200, and each subsequent payment increases by S10 per year (a) What was the original amount of the loan? (b) What is the outstanding balance of the loan at time 47 Note: the outstanding balance is the present value of the future payments, i.e. the amount still owed on the loan. (c) How much interest is due at time t = 5? Note: we assume that interest is paid in full at the end of each year, thus, the interest due at time t = 5 is simply the interest on the outstanding balance since the last payment