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The Omega Venture Group needs to borrow to finance a project. Repayment of the loan involves payments of $ 1 0 , 1 8 0

The Omega Venture Group needs to borrow to finance a project. Repayment of the loan involves payments of $10,180 at the end of every year for five years. No payments are to be made during the development period of two years. Interest is 7% compounded monthly.
(a) How much should the Group borrow?
(b) What amount will be repaid?
(c) How much of that amount will be interest?

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