A debt of $14,000 with interest at 8.6%p.a compounding quarterly is to be repaid with 9 equal end-of-quarter payments.

How much interest is in the final instalment?

(Hint use excel: You can either:

- First calculate the loan outstanding at the beginning of the last quarter. The interest can then be calculated as if you were setting up a loan repayment schedule for the final quarter.

- Use IPMT function)