You are told that a note has repayment terms of $$1,100$ per quarter for $6$ years, with a stated interest rate of $4\%.$ How much of the

total payment is for principal, and how much is for interest? Calculate using $($a$)$ financial calculator or $($b$)$ Excel function PV$.($Round

answers to $2$ decimal places, e$.$g$.5,275\mathrm{.}25.)$

Total payment for principal $

Total interest

Determine if the total interest will be higher or lower than with an annual payment.

The total interest will be

than with an annual payment.