Erin sells some land in Nevada. She will be paid a lump sum of $60,000 in 8 years. Until then, the buyer pays 8% simple interest quarterly. (a) Find the amount of each quarterly interest payment on the $60,000. (b) The buyer sets up a sinking fund so that enough money will be present to pay off the $60,000. The buyer will make semiannual payments into the sinking fund; the account pays 7% compounded semiannually. Find the amount of each payment into the fund