A local business received a $50,000 loan at 4.40% compounded monthly. The business settled the loan with quarterly payments of $650.

a. How many payments are required to settle the loan?

Round up to the nearest whole payment.

172

171

174

173

b. What was the interest portion of payment 58?

$471.26

$466.79

$459.63

$463.14

c. What was the size of the final payment?

$217.48

$210.23

$213.99

$220.70