1) Abigail leased equipment worth $50,000 for 8 years. If the lease rate is 6.50% compounded quarterly, calculate the size of the lease payment that is required to be made at the beginning of each quarter.

2) Abigail received a $24,650 loan from a bank that was charging interest at 3.25% compounded semi-annually.

a. How much does she need to pay at the end of every 6 months to settle the loan in 4 years?

b. What was the amount of interest charged on the loan over the 4-year period?