16 A loan of $11,500 is to be amortized with quarterly payments over 8 years. If the interest on the loan is 16% per year, paid on the unpaid balance, answer the following questions. a. What is the interest rate charged each quarter on the unpaid balance? b. How many payments are made to repay the loan? C. What payment is required quarterly to amortize the loan? a. The interest rate each quarter is % b. There will need to be payments made. c. The quarterly payment needs to be $ (Round to the nearest cent as needed.)