Assume that you borrow $25,000 on April 1, 2004, at an annual rate of 7%. How much will you owe on March 31, 2005 if you make no payments until that date? How much will you owe on March 31, 2006 if you make no payments until that date? If you pay the interest incurred for the first year on March 31, 2005, how much will you owe on March 31, 2006 if you make no other payments until that date?