(Bonus Question) Each payment covers the interest expense plus reduces principal. Consider a 5 year loan with annual payments. The interest rate is 3%, and the principal amount is $8,000. What would the amount be in (A)? Year Year Beginning Balance Principal Paid Interest Paid Total Payment Ending Balance 1 2 3 (A) 4 5 Totals O 3,342.52 O 8,000.00 0 4,941.12 O 1,746.84 O 734.18