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2. Solve the following problems, Show clearly all your work, in order to receive full point (10) a). A company borrows $18,000 at an interest

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2. Solve the following problems, Show clearly all your work, in order to receive full point (10) a). A company borrows $18,000 at an interest rate of a nominal 16% per year compounded quarterly. The company desires to repay the loan in 30 equal quarterly payments, with the first payment starting three months from now. i). What should be the size of each payment? ii). If after making 20th payments the company decides to pay off the balance of the loan at the start of the 21th quarter, how much must the company pay? "SHOW CLEARLY ALL YOUR WORK

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