Henry borrows 5800 at 9.5% simple interest. He makes a partial payment of 5120 at the end of 7 month( 9), and a partial payment of $240 at the thd of 11 months. Determine the amount required to settle the debt at the end of 17 months using (a) Merchant's fule and (b) U.S. Rule. (a) Merchant's Rule:'s (b) 0.5. Rule: 5 [-/3 Points] A loan of $260000 at 8.5% simple interest is paid with monthly payments of 51946.67. (a) State the amount of the first payment which goes toward interest. 5 (b) State the amount of the first payment which goes toward reducing the principal. (c) State the loan balance just after the first payment. 5 Henry borrows 5800 at 9.5% simple interest. He makes a partial payment of 5120 at the end of 7 month( 9), and a partial payment of $240 at the thd of 11 months. Determine the amount required to settle the debt at the end of 17 months using (a) Merchant's fule and (b) U.S. Rule. (a) Merchant's Rule:'s (b) 0.5. Rule: 5 [-/3 Points] A loan of $260000 at 8.5% simple interest is paid with monthly payments of 51946.67. (a) State the amount of the first payment which goes toward interest. 5 (b) State the amount of the first payment which goes toward reducing the principal. (c) State the loan balance just after the first payment. 5