A construction company agreed to lease payments of $458.03 on construction equipment to be made at the end of every three months for 3.25. Financing is at 7 % compounded quarterly.

(a) What is the value of the original lease contract?

(b) If, due to delays, the first 6 payments were deferred, how much money would be needed after 7 payments to bring the lease payments up to date?

(c) How much money would be required to pay off the lease after 7 payments?

(d) If the lease were paid off after 7 payments, what would the total interest be?

(e) How much of the total interest would be due to deferring the first 6 payments?