A debt of $ 1 , 0 0 0 , 0 0 0 is being paid in
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Question:
A debt of $ is being paid in quarterly payments over years, with interest of per year compounded quarterly. Immediately after making the third quarterly payment, the debtor makes an extraordinary nonagreed payment of $ and requests that a new payment plan be presented, taking into account that the number of remaining quarterly installments remain unchanged, hoping that the amount of each one will be reduced.
a Calculate the amount of the quarterly payments without considering the extraordinary payment.
b When would the debtor finish paying considering the extraordinary bonus of $
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