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(a)Assume that you have borrowed $5,000 for 3 years and you have an annual interest rate of 7.5% (annual percentage rate or APR). What is

(a)Assume that you have borrowed $5,000 for 3 years and you have an annual interest rate of 7.5% (annual percentage rate or APR). What is the monthly payment due on the loan?

(b)Switch gears here and now assume that the payments are made annually. What is the annual interest expense for the borrower (this is also the annual interest income for the lender) during Year 1?

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