You have taken out a loan for a new car. Select the appropriate variables and calculate how much you would pay in interest on the loan. Principal amount =$10,000 Interest rate =5% Time =5 years Mortgage value =$5000 a. $2,500 (using simple interest formula) b. $5,000 (using simple interest formula) c. $7,500 (using simple interest formula) d. $7,500 (using compound interest formula) e. $2,500 (using compound interest formula)