The Polo Company has purchased some equipment by signing a note that requires the following quarterly payments at the end of each quarter for the next three years: Year $1$: each quarter $$600$; Year $2$: each quarter $$700$; and Year $3$: each quarter $$500.$ The implied interest rate is $6\mathrm{.}5\%.$ At what cost should this equipment be recorded? What is the total interest payment in this deal?