Raymond Company has been successful in professional accounting services business and Dr. Raymond wants to expand his office now. The bank loan schedule for financing the new office requires $1,600 payment at the beginning of each month for 2 years, starting in 18 months later. However, interest on the bank loan still charges 7.12% compounded monthly How much money Dr. Raymond must borrow today? (6) What will be the amount of total interest for the bank loan? (2) What is the amount of total payments? (2)

written out work please.