Question: 3 . 3 4 Suppose you borrowed $ 1 2 , 0 0 0 at an interest rate of 8 % , compounded monthly over

3.34 Suppose you borrowed $12,000 at an interest rate of 8%, compounded monthly over 36 months.
At the end of the first year (after 12 payments), you want to negotiate with the bank to pay off the
remainder of the Joan in eight equal quarterly payments. What is the amount of this quarterly
payment, if the interest rate and compounding frequency remain the same?
3.34 Suppose you borrowed $12,000 at an interest rate of 8%,

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