To finance the development of a new product, a

company borrowed $$46,400$ at $3\mathrm{.}94\%$

compounded quarterly. If the loan is to be

repaid in equal quarterly payments $[$at the

beginning$]$ of every quarter over seven years

and the first payment is due three years after

the date of the loan, what is the size of the

quarterly payments?

Do not include the dollar sign, $$,$ in your

answers.

Do not include the comma usually used to

denote thousands.

$($a$.)$ How much is owed after the deferral

period?

$($b$.)$ What is the size of the quarterly payments?

$($Hint: BGN must be up$)$