calculate total payment for principal and total interest

interest rate-4%

time period- quater for 6 years

You are told that a note has repayment terms of $1,400 per quarter for 6 years, with astated interest rate of 4%. How much of the total payment is for principal, and how much is for interest? Calculate using (a) financial calculator or (b) Excel function PV. (Round answers to 2 decimal places, eg. 5,275.25. Determine if the total interest will be higher or lower than with an annual payment. The total interest will be than with an annual payment