The company you work for is planning to borrow $58000 at an effective interest rate of 15% per year. The company expects to repay the loan with six equal annual payments at the end of each year, beginning one year after the loan is received.
1. Compute the annual amount of the instalment loan payment.
2. Determine the amount of interest that would be charged in the first year.
3. Determine the amount of interest that would be charged in the second year.