1. You purchase a new airplane for your company for $1,800,000 by putting 10% down and using financing for the remaining balance. The financing agreement requires quarterly payments for 5 years and charges interest at an annual rate of 8%, compounded quarterly.

1. What is the required quarterly payment?
2. How much of the first payment goes towards interest?
3. How much of the first payment goes towards payment of the debt?

Please use excel to answer this question.