A car dealership offers three different loan options for a five-year loan of $20,000 (i.e., you borrow $20,000 today). It charges an APR of 5%, compounded semi-annually for all loans.

(a) One option is an interest-only loan. Write out the series of payments that you will make over the course of the loan.

(b) The company also offers a discount loan. How much do you have to repay at the end of 5 years?

(c) The third loan type is an amortizing loan with 10 equal semi-annual payments. How much would you pay every 6 months?