You borrow $5,000 at 10% per year and will pay off the loan in three equal annual payments starting 1 year after the loan is made. The end-of-year payments are $2,010.57. Which of the following is true for your payment at the end of year 2 ? Interest is $500 and principal is $1,510.57. Interest is $450 and principal is $1,560.57. Interest is $348.94 and principal is $1,661.63. Interest is $182.78 and principal is $1,827.79. The total cost associated with development and approval for a new prescription drug was estimated to be $2.6 million in 2013 . Costs are expected to increase 8.5% each year through the year 2020. Find the uniform series equivalent to the given geometric series over the 8 year period with a 5.0% discount rate. (Assume end of year cash flows.) Click here to access the TVM Factor Table calculator. million