Question 5 of 7 A design studio received a loan of $9,050 at 5.20% compounded semi-annually to purchase a camera and settled the loan in 2 years by making quarterly payments. a. What was the size of the payments? o $1,267.57 Ouestion 5 of 7 b. What was the interest portion on the first payment? O $116.90 $225.30 $1.51 $3.04 Question 5 of 7 c. What was the balance of the loan at end of the first year? O $5,046.44 O $4,641.11 O $3,624.51 0 $9,049.98