The interest rate on a $200,000 loan is 8 compounded quarterly a What payments at the end of every quarter will reduce the balance to $150,000 after 3 years b If the same payments continue, what will be the balances even years after the date that the loan was received c How much interest will be paid during the first seven years

Question: The interest rate on a $200,000 loan is 8% compounded quarterly. a. What payments at the end of every quarter will reduce the balance to

The interest rate on a $200,000 loan is 8% compounded quarterly.
a. What payments at the end of every quarter will reduce the balance to $150,000 after 3 ½ years?
b. If the same payments continue, what will be the balances even years after the date that the loan was received?
c. How much interest will be paid during the first seven years

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