Question: The problem describes a debt to be amortized. (Round your answers to the nearest cent.) Sean Lee purchases $20,000 worth of supplies for his restaurant

The problem describes a debt to be amortized. (Round your answers to the nearest cent.)

Sean Lee purchases $20,000 worth of supplies for his restaurant by making a $4,000 down payment and amortizing the remaining cost with quarterly payments over the next 5 years. The interest rate on the debt is 16% compounded quarterly.

Find the size of each payment, the total amount paid for the purchase, and the total interest paid over the life of the loan.

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