There is a five-year loan of $60,000. Assume the interest rate is 3 percent per year and the loan agreement calls for equal payments annually. What is the interest payment in year 1 ? Sample answer format: 16,435.67 (no dollar sign; no negative sign) Question 5 You're prepared to make monthly payments of $300, beginning at the end of this month, into an account that pays 5 percent interest, compounded monthly. How many payments will you have made when your account balance reaches $10,000 ? Sample answer format: 90.43 Question 6 1 pts There is a five-year loan of $60,000. Assume the interest rate is 4 percent per year and the loan agreement calls for equal principal payments annually. Please answer the following 3 questions: What is the principal payment in year 2 ? Sample answer format: 16,435.67 (no dollar sign; no negative sign)