Elkford Logging's bank will fix the interest rate on a $60,000 loan at 4.2% compounded monthly for the first four-year term of an eight-year amortization period. Monthly payments are required on the loan. (Do not round the intermediate calculations. Round your answers to 2 decimal places.)

a.

If the prevailing interest rate on four-year loans at the beginning of the second term is 6% compounded monthly, what will be the monthly payments for the last four years?

PMT is $?

.

b. What will be the interest portion of the twenty-third payment?

Interest in Payment 23 is $?

.

c. Calculate the principal portion of the fifty-third payment.

Principal in Payment 53 is $?

.