A loan of

$15,000

with interest at

5%

compounded

quarterly

is repaid in

6

years by equal payments made at the end of each 6 months.

(a) What is the size of the periodic payment?

(b) Construct an amortization schedule showing the details of the last three payments.

(c) What is the total paid and the total interest?

(a) The size of the periodic payment is

$nothing.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

(b) Complete the table below for the last three payments in the schedule, starting with the third-to-last payment. (Round to the nearest cent as needed.)

Payment Number	Amount Paid	Interest Paid	Principal Repaid	Outstanding Principal Balance
nothing	$nothing	$nothing	$nothing	$nothing

nothing

$nothing

$nothing

$nothing

$nothing

nothing

$nothing

$nothing

$nothing

$0

(c) Total Paid =

$nothing

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Interest Paid =

$nothing

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)