2. The Taylors have purchased an apartment for $240,000. They made a 15% down payment in cash and then secured a 30-year mortgage for the unpaid balance at 6.6% interest compounded quarterly.

a) What is the size of the loan they received from the bank?

b) What will their quarterly payment be?

c) How much did the Taylors ultimately pay for the apartment?

d) How much of that amount was interest?