A business owner arranges for a start up loan for $166300 where the first payment will be deferred for 2 years. After that he will make equal payments for 2 more years until the loan is paid off. The bank is charging him 5% per year compounded monthly.
a. How much will he owe at the end of two years? $
b. How much of his balance at the end of two years represents unpaid interest? $
c. What are the monthly payments? $