4. A diamond ring is purchased for $2500 with no money down on 1/1/2012. The interest on the loan starts immediately, but no payments need to be made for the first year. On 1/1/2013 the store sends out the first bill that is due at the end of the period by 2/1/2013. If the buyer wishes to pay off the bill in 36 payments, starting with the payment on 2/1/2013, what should the payments be? What was the total interest paid on the loan? Interest on the loan is 6%(12)