Question: Please provide the answer showing all steps. Suppose you borrowed $10,000 at an interest rate of 12%, compounded monthly over 36 months. At the end

Please provide the answer showing all steps. Suppose you borrowed $10,000

Please provide the answer showing all steps.

Suppose you borrowed $10,000 at an interest rate of 12%, compounded monthly over 36 months. At the end of the first year (after 12 payments), you want to negotiate with the bank to pay off the remainder of the loan in 8 equal quarterly payments. What is the amount of this quarterly payment, if the interest rate and compounding frequency remain the same

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