You have received a 3-year $10,000 loan from your bank. To repay the loan, you're supposed to make 3 equal annual payments to the bank. The bank is charging you 12% interest for this loan. Answer the following questions.

1) What type of loan is this?

2) How much is your annual payment?

3) If you want to pay off your loan at the end of the second year, how much do you need to pay to the bank?

4) How much money in total you'll end up paying to the bank?