A debt of $32 000 is repaid by payments of $2950 made at the end of every six months. Interest is 8.28% compounded quarterly.
(a) What is the number of payments needed to retire the debt?
(b) What is the cost of the debt for the first five years?
(c) What is the interest paid in the 10th payment period?
(d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals.