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Nancys Auto Repair Shop borrowed $40,000 to be repaid by monthly payments at the end of each month. If the loan will be fully repaid

Nancys Auto Repair Shop borrowed $40,000 to be repaid by monthly payments at the end of each month. If the loan will be fully repaid after 10 years and interest on the loan is 7% compounded quarterly, determine: (4 total-Ch.14)

(a) What is the size of the monthly payments?

(b) What is the outstanding principle still owing after the 18th payment?

(d) How much principal is repaid in the 45th payment?

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