Question: Please solve step by step I need to be able to understand, thanks! The loan amount is 40 000 USD, the annual interest rate 2%

Please solve step by step I need to be able to

Please solve step by step I need to be able to understand, thanks! The loan amount is 40 000 USD, the annual interest rate 2% and the loan is to be repaid on an annual basis over ten years over quarterly (4 times a year) payments. i. What is the amount of the installment? ii. How much interest is paid in total over the entire loan period? How much interest would be paid in total if, instead of the annuity, the repayment of the loan principal were the same in each quarter? (Be sure to justify your answer!) 111

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