The Mackenzies also bought a business for $90,000. They borrowed the money to buy the business at 6.9% compounded semi-annually and are to repay the debt by making quarterly payments of $3645.

e. How many payments are required to repay the loan?

f. What is the term of the loan in years and months?

g. Prepare a complete amortization schedule for the loan. Express totals at the bottom as currency.

h. What is the principal reduction in the 6th year?

i. What is the total cost of financing the debt?

j. If Bob and Angelique make a lump sum payment of $10,000 at the end of the fourth year, by how much is the amortization period shortened?

k. How much interest do they save by making the lump sum payment?

l. If Bob and Angelique had made the lump sum payment at the end of the second year instead of the end of the fourth year, how much more money could they save?

specifically looking for help wity K and L