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Question 19 (8 points) Assume you borrow $15,000 today at an interest rate of 7% per year. The loan is to be repaid in 5

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Question 19 (8 points) 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? You must show/describe your work. Inputs, what you solved for, etc. Paragraph BIU- A S 51 RA

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