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Question 3 Suppose you take out a loan of amount L= $10,000 and repay it using the amortization method with equal payments at the end

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Question 3 Suppose you take out a loan of amount L= $10,000 and repay it using the amortization method with equal payments at the end of each year for 10 years. Calculate the annual payment you would need to make, assuming the annual effective interest rate is 5%. (a) 1095.05 (b) 1295.05 (c) 1495.05 (d) 1695.05 (e) 1895.05

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