A CSA want to take out a loan to purchase a new van for local produce box deliveries. They would take out $31,600 at an annual rate of 7.2% that would be fully amortized over 5 years. (i) What would be the annual loan payment? a. $6,434 b. $7,544 c. $7,445 d. $7,748 e. None of the above (ii) Calculate the remaining principal for year 4? a. $13,970 b. $7,672 c. $7,228 d. $7,276 e. None of the above (iii) Calculate the principal payment for year 5? a.$7,672 b.$6,742 c.$6,025 d.$7,228 e. None of the above

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