Second Time Around Clothing borrows $192,000 to purchase new equipment for their operations, which will be repaid by quarterly payments over the next 12 years. They must pay 8% interest compounded monthly on the loan. Answer the following questions. For full marks your answer should be rounded to the nearest cent.

1. How much principal is paid down in the first year of the loan?

First Year Principal = $0.00

2. How much interest is paid in the first year of the loan?

First Year Interest = $0.00

2. How much is the final payment?

Final Payment = $0.00

2. How much principal is paid down in the final year of the loan?

Final Year Principal = $0.00

2. How much interest is paid in the final year of the loan?

Final Year Interest = $0.00