Question: CTL (Concrete Testing Lab) borrowed $40,000 for new equipment at 10% per year, compounded quarterly. It is to be paid back over 5 years in

CTL (Concrete Testing Lab) borrowed $40,000 for new equipment at 10% per year, compounded quarterly. It is to be paid back over 5 years in equal quarterly payments.

a. How much interest is in the 6th payment? Carry all interim calculations to 5 decimal places and then round your final answer to the nearest dollar. The tolerance is 5.

b. How much principal is in the 6th payment? Carry all interim calculations to 5 decimal places and then round your final answer to the nearest dollar. The tolerance is 5.

c. What principal is owed immediately following the 6th payment? Carry all interim calculations to 5 decimal places and then round your final answer to the nearest dollar. The tolerance is 5.

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