Question 1 4 pts On May 1, 2021, Daniel borrowed a 20 year-loan with level annual payments at the end of each year. The annual effective interest rate is 4%. The principal portion of his repayment on May 1, 2031 will be $8,000. Calculate the principal portion of the first payment (on May 1, 2022). o less than $5500 o $5500 or more but less than $6000 O $6000 or more but less than $8000 O $8000 O More than $8000 but less than $12000 O More than 512000 D Question 2 4 pts (Continued from the last question) Calculate the amount he borrowed at the beginning. O $160000 or more but less than $165000 o less than $150000 O $150000 or more but less than $155000 5170000 or more $165000 or more but less than $170000 $155000 or more but less than $160000 Question 3 4 pts (Continued from the last question) Calculate the annual payment amount. O $11500 or more but less than $13000 $10000 or more but less than $11500 less than $7500 $8500 or more but less than $10000 $13000 or more O $7500 or more but less than $8500 Question 4 (Continued from the last question) Calculate the interest portion of his payment on May 1, 2025. O $6000 or more but less than $6200 O $6400 or more but less than $8000 O $6200 or more but less than $6400 O $9500 or more O $8000 or more but less than $9500 less than $6000