A woman borrows $8000 at 3% compounded monthly, which is to be amortized over 3 years in equal monthly payments. For taxpurposes, she needs to know the amount of interest paid during each year of the loan. Find the interest paid during the first year, the second year, and the third year of the
loan. [Hint: Find the unpaid balance after 12 payments and after 24 payments.]
(a) The interest paid during the first year is
.
(Round to the nearest cent as needed.)
(b) The interest paid during the second year is
.
(Round to the nearest cent as needed.)
(c) The interest paid during the third year is
