The debt is amortized by equal payments made at the end of each payment interval. Compute (a) the size of the periodic payments; (b) the outstanding principal at the time indicated; (c) the interest paid by the payment following the time indicated; and (d) the principal repaid by the payment following the time indicated for finding the outstanding principal.

Debt Principal	Repayment Period	Payment Interval	Interest Rate	Conversion Period	Outstanding Principal After:
$12,000	8 years	1 month	3%	monthly	8th payment