You have borrowed a loan of $20,000 from a bank to buy a car from Chase at the interest rate of

7.5% each year. You have promised the Chase to make mortgage style payment.

Please use the present value formular to solve the problems.

Alease use the blowing nbrmation br questons ldtoAl You have borrowed a loan of S20,000 from a bank to buy a car from Chase at the interest rate of 7.5% each year. You have promised the Chase to make mortgage style payments. 16. If you want to borrow this loan for three years, what is the total payment in each year? A) $6,191 $1,500 C) 7,691 D) 7,154 E) None of the above 17. If you want to borrow this loan for three years, what is the principal payment in year one? CO 7,691 B) $1,500 A) $6,191 D) 7,154 E) None of the above 18. If you want to borrow this loan for three years, what is the principal payment in year two? A) $6,191 B) $1,500 C) 7,601 D) 7,154 E) None of the above 19. If you want to borrow this loan for three years, what is the principal payment in year three? A) $6,191 B) $1,500 CO 7,601 D) 7,154 E) None of the above