Leo’s Auto Repairs Inc. borrowed $5500 to be repaid by end-of-month payments over four years. Interest on the loan is 9% compounded monthly.
(a) What is the size of the periodic payment?
(b) What is the outstanding principal after the 13th payment?
(c) What is the interest paid in the 14th payment?
(d) How much principal is repaid in the 14th payment?