Mr. Brabham borrowed $7500 at 8% compounded monthly. He agreed to repay the loan in equal monthly payments over four years.
(a) What is the size of the monthly payment?
(b) How much of the 20th payment is interest?
(c) What is the principal repaid in the 40th payment period?
(d) Prepare a partial amortization schedule showing details of the first three payments, the last three payments, and totals.