for monthly payments, but assume end$-$of$-$year annual payments to simplify things.$)$

a$.$ If the loan was amortized over $3$ years, how large would each annual payment be$?$ Do not round intermediate calculations. Round your answer to the nearest cent.

$

Could you afford those payments?

No$,$ the calculated payment is greater than the affordable payment.

b$.$ If the loan was amortized over $30$ years, what would each payment be$?$ Do not round intermediate calculations. Round your answer to the nearest cent.

$

Could you afford those payments?

Yes, the calculated payment is less than the affordable payment.

$3,$ and what would the balloon payment be$?$ Do not round intermediate calculations. Round your answers to the nearest cent.

Loan balance: $

Balloon payment: $