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Mr. Bean wants to borrow $8,900 for three years. The interest rate is 5.3% compounded monthly. a. What quarterly payments are required on the loan?

Mr. Bean wants to borrow $8,900 for three years. The interest rate is 5.3% compounded monthly.

a. What quarterly payments are required on the loan? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

PMT $

b. What will be the balance owed on the loan at the start of the third year? (Round PMT calculation to 2 decimal places. Do not round other intermediate calculations and round your final answer to 2 decimal places.)

Balance owed $

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Mr. Bean wants to borrow $8,900 for three years. The interest rate is 5.3% compounded monthly. a. What quarterly payments are required on the loan? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PMT $ b. What will be the balance owed on the loan at the start of the third year? (Round PMT calculation to 2 decimal places. Do not round other intermediate calculations and round your final answer to 2 decimal places.) Balance owed

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