Question: 19. You borrow $7,000, and will pay it back in 12 equal annual installments beginning one year from today. You will pay 8% interest. a.

19. You borrow $7,000, and will pay it back in 12

19. You borrow $7,000, and will pay it back in 12 equal annual installments beginning one year from today. You will pay 8% interest. a. In financial terms, what is this called? b. Draw the timeline. c. Calculate the annual PMT. 20. Calculate the part of the PMT that is INT in the first year. What part is therefore the portion of the payment that is principal? What is the remaining balance on the loan

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