Single-payment loan repaymentPersonal Finance ProblemA person borrows $ 230that he must repay in a lump sum no more than 8 years from now. The interest rate is6.7 % annually compounded. The borrower can repay the loan at the end of any earlier year with no prepayment penalty.

a.What amount will be due if the borrower repays the loan after 1 year?

b.How much would the borrower have to repay after 5 years?

c.What amount is due at the end of the year?

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Part 1

a.The amount due if the loan is repaid at the end of year 2is $

enter your response here.(Round to the nearest cent.)