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A $85,000 loan was amortized over 12 years at 3.10% compounded monthly. Payments were made at the end of every quarter to clear the loan.

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A $85,000 loan was amortized over 12 years at 3.10% compounded monthly. Payments were made at the end of every quarter to clear the loan. a. What is the size of the payments at the end of every quarter? Round to the nearest cent b. What was the balance at the end of 5 years? Round to the nearest cent c. What was the interest portion of payment 24? Round to the nearest cent d. What was the principal portion of payment 10? Round to the nearest cent e. How much interest was paid in year 8? Round to the nearest cent

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