You have borrowed a loan of $20,000 from Chase to buy a car. You have promised Chase to make mortgage style payments in each year. If you want to borrow this loan for 6 years and the interest rate is 5% every year, what is the interest payment in year one? Select one: a. $1,000.00 b. $2,500.00 c. $500.00 d. $1,500.00 e. None of the above