A'ja Company is considering purchasing a new property for a manufacturing facility. The property has a cost of $$1,000,000($one million dollars$)$ and the company is considering two methods of financing the purchase. Options A & B are listed below and have quarterly payments. Assume they take out the loan on $1/1/2025.$

Cost of land $1,000,000$

Options A

Down Payment $20\%$

Interest rate per year $8\%$

Life in years $30$

What is the quarterly loan payment?

What is the interest expense for the first year?

What is interest cost over the life of loan?

How much do you woe the bank at the end of year $15?$