Mr. and Mrs. Norman purchased a ski chalet for $36 000. They paid $4000 down and agreed to make equal payments at the end of every 3 months for 15 years. Interest is 8% compounded quarterly.
(a) What size of payment are the Normans making every 3 months?
(b) For the first payment period, how much interest is paid, how much of the principal is repaid, and what is the loan balance?
(c) For the second payment period, how much interest is paid, how much of the principal is repaid, and what is the loan balance?
(d) How much will they have paid in total after 15 years?
(e) How much interest will they pay in total?