2. ( 7 marks) A debt of $81000.00 with interest at 4% compounded quarterly is to be repaid by payments at the end of every 3 months over 14 years. (a) What is the size of quarterly payment?(3) Answer: (b) Construct an amortization schedule showing the details of the first three payments? (2+1+1) Answer: Amortization table for the first three payments. \begin{tabular}{|l|l|l|l|l|} \hline Payment # & Amount paid & Interest paid & Principal repaid & Outstanding Principal balance \\ \hline 0 & & & & \\ \hline 1 & & & & \\ \hline 2 & & & & \\ \hline 3 & & & & \\ \hline \end{tabular}