For Question 8, calculate the principal repaid in the fifth payment period. Verify your answer by checking

Question:

For Question 8, calculate the principal repaid in the fifth payment period. Verify your answer by checking the amortization schedule.
In Question 8
A loan of $8000 is repaid by equal payments made at the end of every three months for two years. If interest is 7% compounded quarterly, find the size of the quarterly payments and construct an amortization schedule showing the total paid and the total cost of the loan.