(iii) A loan of $100,000 is to be repaid in 30 equal annual payments starting one year from now. If the annual effective rate of interest is 5%, find the first payment in which the principal payment exceeds the interest payment. (iv) A $1000 loan at 3.5% annual effective rate of interest can be repaid by either: (a) 11 annual payments of $100 plus a final balloon payment, or (b) 12 annual payments of $100 plus a final drop payment. Calculate the absolute difference between the total interest paid in the two repayment options