Q3g

Catherine spent $210,000 to purchase machinery for her factory. She received a loan for the entire amount at 7.32% compounded quarterly and made quarterly payments of $7,500 to settle the loan. a. How long will it take to settle the loan? years months years 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: Round to the nearest cent c. What was the total amount of interest and principal paid by the end of 4 years? Interest Portion: E Round to the nearest cent c. What was the total amount of interest and principal paid by the end of 4 years? Interest Portion: Round to the nearest cent Principal: Round to the nearest cent