3. Applies TVM techniques to real problems Peter is considering making a loan of $500,000 to Paul. It is a three-year loan with annual payments due at the end of each yearand a 7% annual interest tate Find the payments that would berequired to amortize the loaa over the three-year period and then prepare an omortization schedule to demonstrate how the loan will be fully paid off in three years Ending Year BalancePaymentl Ioterest Paid Principal PaidBalance Beginning $500,000.00 (20 points)