Oscar, a purchase manager for a farm co$-$op$,$ negotiated a deal for some equipment. The farm co$-$op took out a loan of $$13,000\mathrm{.}00,$ with a $$2,000\mathrm{.}00$ down payment with the supplier and signed a contract to pay off the remaining with quarterly payments for the next $5$ years. If the negotiated interest rate on the debt is $9\mathrm{.}8\%$ compounded quarterly. What will the farm co$-$op's payment be$?($Round all answers to $2$ decimal places.$)$

The quarterly payment would be $

$.$

Assuming all of the payments were on time and the farm co$-$op did not prepay on the loan.

What is the total amount the farm co$-$op paid and the total interest?

The total amount the farm co$-$op paid was $

and the total interest was

Answer rating: 100% (QA)

The farm coops quarterly payment would be 70229 Heres how we can find the quarterly payme... View the full answer