A Korean carmaker plans to expand its production. The company borrowed $120 million for this expansion at an interest rate of 8% per year. The loan will be repaid in equal payments at the end of each year over a 15-year period. a) What is the amount of the annual payment? b) For the first two payments how much of the payment goes to repay interest and how much for the principal? c) If first payment was made at EOY 3 (No payment for first two years), what are the answers for (a) and (b) above? LEDY