Suppose you have $250,000 of loan. The terms of the loan are that the yearly interest is 6% compounded quarterly. You are to make equal quarterly payments of such magnitude as to repay this loan over 30 years.

(Keep all your answers to 2 decimal places, e.g. XX.12.)

(a) How much are the quarterly payments?

(b) After 5 years' payments, what principal remains to be paid?

(c) How much interest is paid in the first quarter of the 6^th year?

(d) How much is the total interest paid over the 30 years?

(e) If you have a lump sum payment of $20,000 at the end of 5 years, and maintain the same level of quarterly payment, when will you pay off your loan, i.e. how many years in total will you pay off the loan?