For the following problems, identify your inputs, or what/how you are calculating. You do not have to show every single step and subtotal, but you must show enough of what you are doing so that the grader can understand how you got to your answer. Be sure to identify your final answer. Failure to describe or show your work will result in you receiving no credit on these problems. Question 21 (7 points) Assume you borrow $15,000 today at an interest rate of 7% per year. The loan is to be repaid in 5 equal end-of-year payments. In the third year, (a) how much will you pay in interest (the dollar amount of interest in year 3)? (b) how much will you pay towards the principal amount you borrowed? and (c) what will be the balance owed on the loan after that third annual payment is made? (You ONLY need to provide answers for the Year 3 amounts.) You must show/describe your work. Inputs, what you solved for, etc. + v ... 8 Paragraph V B I UA I 00 ^^