Find the payment necessary to amortize a 4% loan of $2800 compounded quarterly, with 6 quarterly payments. Find (a) the payment necessary to amortize the loan and (b) the total payments and the total amount of interest paid based on the calculated quarterly payments. Then create an amortization table to find (c) the total payments and total amount of interest paid based upon the amortization table.
a. The quarterly payment needed to amortize this loan is $__ (Round to the nearest cent as needed.)
b. The total amount of the payments is $__ (Round to the nearest cent as needed.)
The total amount of interest paid is $__ (Round to the nearest cent as needed.)
c. The total payment for this loan from the amortization table is $__
The total interest from the amortization table is $__