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1-(a) You are paying off a debt at a nominal 8% per year by paying $400 at the end of each of each quarter for
1-(a) You are paying off a debt at a nominal 8% per year by paying $400 at the end of each of each quarter for the next year. Find the interest paid in the last $400 payment. (b) If this debt were to be paid off in two equal payments of S1650 at the end of this year and next year, find the interest paid in the first $1650 payment. Again the loan rate is a nominal 8% per year compounded quarterly
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