3. Chris Columbus bought a house for P 293,000. He put 20% down and obtained a simple interest amortized loan for the balance at 4.14% annual interest for 10 years. (type it please)

a. Find the amount of Chriss quarterly payment. (3 points)

b. Find the total repayment of principal on the 8th payment. (3 points)

c. Most lenders will approve a home loan only if the total of all the borrowers monthly payments, including the home loan payment, is no more than 40% of the borrowers monthly income. How much must Chris make in order to qualify for the loan? (5 points)