2) Nancys Auto Repair Shop borrowed $40,000 to be repaid by monthly payments at the end of each month. If the loan will be fully repaid after 10 years and interest on the loan is 7% compounded quarterly, determine: (4 total-Ch.14)

(a) What is the size of the monthly payments?

(b) What is the outstanding principle still owing after the 12th payment?

(c) What is the amount of interest paid in the 34^th payment?

(d) How much principal is repaid in the 47^th payment?