Problem 1 (16 points): PR Machine Company is considering buying a "CNC Machining Center" for its machining department. The cost of the machine is $62,000. A down payment of $20,000 is required by the machine tool builder and the rest of the principal will be paid in 3 equal yearly payments. The machine tool builder expects PR Machine Company to pay the principal and the interest of the unpaid balance with each of the payments. If the company is charged an interest of 10% per year: a. develop a loan repayment schedule (12 pts) b. calculate the total amount of interest paid by the time the balance of the loan is zero and the percentage it represents ( 4 pts)