Problem 2 6/6 On June 1, 2020, CEDAR Tooling Ltd. assessed two available options for the purchase of new equipment with a negotiated cash price of $70,000. The manufacturer is willing to accept a down payment of $10,000 and an instalment note for the balance. The note would require three fixed principal payments (plus interest) starting June 1, 2020, for a period of three years. EDAR also has a proposal from its bank for an instalment loan for three years that requires a fixed blended annual payment (including both principal and interest) starting June 1, 2020. The loan would be for $60,000 of the equipment's purchase price. The current market rate of interest is 89 Both contracts have an interest rate of 8%. Instructions: Calculate the amount of the SECOND payment required of CEDAR under each alternative. Show your calculations