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Suppose you borrowed $15,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next

Suppose you borrowed $15,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years.

a. How much is each installment? (1 point)

b. How much is the interest payment in your first installment? (1 point)

c. How much is the principal payment in your first installment? (1 point)

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