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Sylvie Cardinal bought a business for $45 000. She made a down payment of $10 000 and agreed to repay the balance by equal payments at the end of every three months for eight years. Interest is 8% compounded quarterly.
(a) What is the size of the quarterly payments?
(b) What will be the total cost of financing?
(c) How much will Sylvie owe after five years?
(d) How much interest will be included in the 20th payment?
(e) How much of the principal will be repaid by the 24th payment?
(f) Construct a partial amortization schedule showing details of the first three payments, Payments 10, 11, 12, the last three payments, and totals.
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