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Assume you borrow $15,000 today at an interest rate of 7% per year. The loan is to be repaid in 5 equal end-of-year payments. In

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Assume you borrow $15,000 today at an interest rate of 7% per year. The loan is to be repaid in 5 equal end-of-year payments. In the third year. (a) how much will you pay in interest (the dollar amount of interest in year 3)? (b) how much will you pay. towards the principal amount you borrowed? and (c) what will be the balance owed on the loan after that third annual payment is made

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