QUEST 8

Lomasi has taken out a loan for server equipment for her business totaling $22,500. The loan will be repaid by making end of quarter payments of $851.53 for the next 8 years. If interest is 4.8% compounded monthly, find the balance on the loan at the end of the 2nd year? Enter a POSITIVE VALUE, rounded to two decimal places.

Balance at the end of the 2nd year: $---

Lomasi took a $83,000 loan at 2.49% compounded monthly and decided to make end of month payments of $2,838. 1) How many payments will Lomasi have to make to amortize this loan? (rounded to the next higher whole number) 2) What will the size of her final payment be? $ (enter a positive value)