Tom considers borrowing $70,000 from three banks (A, B, and C) for 7 years. They charge interest based on three different methods: Bank A: 5% Simple interest, with one repayment at the end of 7 years Bank B: 3% Add-on interest, with annual payments over 7 years Bank C: 6% Simple interest on declining balance, with annual payments over 7 years (a) Calculate fifth year's payment to each bank. (12 marks) (b) Calculate total interest paid to each bank. (10 marks) (c) What is the APR of the loan from Bank C