3. Nicole spent $220,000 to purchase machinery for her factory. She received a loan for the entire amount at 4.22% compounded quarterly and made quarterly payments of $7,925 to settle the loan. a. How long will it take to settle the years -months b. What was the interest portion and principal portion of payment number 5? c. What was the total amount of interest and principal paid by the end of 4 years? 4. A loan of $29,500 at 4.56% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 4 years. a. Calculate the size of the periodic payment. b. Calculate the total interest paid