Amortization schedule.Chuck Ponzi has talked an elderly woman into loaning him

$25,000

for a new business venture. She has, however, successfully passed a finance class and requires Chuck to sign a binding contract on repayment of the

$25,000

with an annual interest rate of

11%

over the next

5

years. Ponzi may choose to pay off the loan early if interest rates change during the next

5

years. Determine the ending balance of the loan each year under the three different payment plans:

a. the discount loan

b. the interest-only loan

c. the fully amortized loan.

a.If Chuck chooses the discount loan, what is the ending balance of the discount loan in year 1?

$nothing

(Round to the nearest cent.)