finance math.

Derek spent $240,000 to purchase machinery for his factory. He received a loan for the entire amount at 7.42% compounded quarterly and made quarterly payments of $9,400 to settle the loan. a. How long will it take to settle the loan? 0 years e o months Express the answer in years and months, rounded up to the next month b. What was the interest portion and principal portion of payment number 5? Interest Portion: 50.00 Round to the nearest cent 50.00 Principal: Round to the nearest cent c. What was the total amount of interest and principal paid by the end of 4 years? Interest Portion: 50.00 Round to the nearest cent Principal: $0.00 e Round to the nearest cent