Question: CTL (Concrete Testing Lab) borrowed $40,000 for new equipment at 11% 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 11% 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? $878

b. How much principal is in the 6th payment? $1749

c. Need this one: What principal is owed immediately following the 6th payment?

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