The Omega Venture Group needs to borrow to finance a project. Repayment of the loan involves payments of $8500 at the end of every three months for eight years. No payments are to be made during the development period of three years. Interest is 9% compounded quarterly.
(a) How much should the Group borrow?
(b) What amount will be repaid?
(c) How much of that amount will be interest?