A loan of $120,220 with an interest rate of 12% capitalized quarterly is repaid using equal payments made at the end of each month for a period of 25 years.
What is the monthly rate equivalent to the annual rate of 12% capitalized quarterly? (2 points)
Find the amount of each monthly payment required to repay this loan.
Using an appropriate financial amortization schedule, determine:
What is the loan balance after one year?
After one year, what is the total amount of interest paid?