Question: CTL (Concret Testing Lab) borrowed $80,000 for new equipment at 8 percent per year, compounded quarterly. It is to be paid back over 3 years

CTL (Concret Testing Lab) borrowed $80,000 for new equipment at 8 percent per year, compounded quarterly. It is to be paid back over 3 years in equal quarterly payments.

a. How much interest is in the sixth payment?

b. How much principal is in the sixth payment?

C. What principal is owed immediately following the sixth payment?

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