Francisco took out a loan for $28,400 from Bank of Montreal at 5.62% compounded x quarterly, and will be making payments at the end of every three months for the next
8.5 years to repay the loan. Answer the following questions, and round all answers to
two decimal places if necessary.
1) What is the amount of each payment?
P/Y = 4
C/N = 4
N = 32
1/4 =
5.62
%
PV = $
PMT = $
FV = $
2) What is the total sum of money that Francisco will eventually pay to clear the loan?
Total amount paid = $
(enter a positive value)
3) What will be the total amount of interest paid?