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

Sean Lee purchases $30,000 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.

(a)

Find the size of each payment.

$

(b)

Find the total amount paid for the purchase.

$

(c)

Find the total interest paid over the life of the loan.

$