1. The Gomez Company Inc bought a machine for $175,000. They paid 20% down and amortized the rest at 11.2% over a 3-year period.

   1. Find their Quarterly payment.

   2. Using MS-Excel, prepare an amortization table to show how the payments are made and how interest and principal balance are determined

How much will the company owe after 18 months? What is the amount of interest during their 5th payment?