Working in the accounting department, Jaycee needs to accurately record the debts of the company. Nine months ago, the company purchased new production equipment for $88,437.48 and financed it on a 12-month loan at 8.2% compounded quarterly. The payments at the end of every month have been $7,698.95.

a) What amount should Jaycee record as the balance owing today?

b) How much interest has been paid to date?