4. A $60,000 loan will be paid off with 3 the identical payments (that include interest and principal repaid) at the end of every year over 3 years. If the interest rate on the loan is 6% compounded quarterly determine: (5 marks total-CH 14)

1. The size of the payments every year (1)

2. Complete the entire amortization table for the loan (4)

Payment Number	Amount paid	Interest paid.	Principal repaid	Balance after payment
0	-------------	------------------------	----------------------	60,000.00
1
2
3