Question: A borrower borrows on a five year loan $5,000 from a bank at 10% and will pay back the loan in twenty equal $ payments

A borrower borrows on a five year loan $5,000 from a bank at 10% and will pay back the loan in twenty equal $ payments (quarterly) at the end of each time period.How much is each equal payment, how much principal and interest is paid back, and how much interest is paid back?(Note-since the borrower repays the loan quarterly, the % is divided by 4 and the exponent (5 years) is multiplied by 4).Also since it is a loan(payment), calculate the factor and then divide the factor into the $5,000, do not multiply the factor by the $5,000.

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