Question: please clearly show answer (2 points) (Exercise 5.15) A 25-year loan of L is repaid by the amortization method with payments of $1000 at the

please clearly show answer please clearly show answer (2 points) (Exercise 5.15) A 25-year loan of

(2 points) (Exercise 5.15) A 25-year loan of L is repaid by the amortization method with payments of $1000 at the end of each year. The annual effective interest rate is i. The total amount of interest repaid during the life of the loan is also equal to L. Calculate the amount of interest paid during the first yeas of the loan. ANSWER = $

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