You have applied for a mortgage of $60, 000 to finance the purchase of a new home. The bank will require you to make annual payments of $7, 047.55 at the end of each of the next 20 years. (15 pts)

a. Determine the interest rate in effect on this mortgage?

b. This is an amortized loan. How much principal will be repaid in the second year?

c. What is the total amount of interest that was paid during the first and the second year?

I need help with number c