You wish to borrow $1,000,000 in order to start a medium-sized business. You agree to repay the loan with a series of level end-of-quarter payments over 5 years. The annual nominal interest rate on the loan is 9% convertible monthly. a) Find the quarterly interest rate and the amount of the level loan payment. (5 points) b) Find the amount of principal repaid in the first two payments, and the outstanding loan balance after 2 quarters (just after the second loan payment is made). (5 points)