Tribe ltd is looking into two different options for the purchase of new equipment that has a cash price of $60,000. Option 1: The manufacturer of the equipment is willing to accept a down payment of 20% of the purchase price and a note payable for the balance. The note requires quarterly fixed principal payments and interest would be added to these principal payments each quarter (interest is on top of fixed principal). The payments start on October 1, 2022 for two years. Option 2: WWCs bank is willing to issue an instalment loan for two years that requires a fixed blended monthly payment (includes both interest and principal) starting August 1, 2022. The loan would be for 80% of the equipments purchase price. The current market rate of interest is 6% and both contracts have an interest rate of 6%. i. Determine the amount of the payments under each option ii. What is the total amount of interest paid under each option?