1. Quarterly payments are to be made against a $47,500 loan at 5.95% compounded annually with a six-year amortization. 25 marks (5 for each part)
a. What is the size of the quarterly payment?
b. Calculate the principal portion of the sixth payment.
c. Calculate the interest portion of the 17th payment.
d. Calculate how much the principal will be reduced in the fourth year.
e. Calculate the total interest paid in the first year.
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