Apex Corporation borrowed $85 000 at 8% compounded quarterly for eight years to buy a warehouse. Equal payments are made at the end of every three months.
(a) Determine the size of the quarterly payments.
(b) Compute the interest included in the 16th payment.
(c) Determine the principal repaid in the 20th payment period.
(d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals.