Find the interest paid in the last payment

Reference no: EM132160963

Question: (a) You are paying off a debt at a nominal 8% per year by paying $400 at the end of each quarter for the next year. Find the interest paid in the last $400 payment.

(b) If this debt were to be paid off in two equal payments of $1650 at the end of this year and at the end of the next year, find the interest paid in the first $1650 payment. Again the loan rate is a nominal 8% per year compounded quarterly.

Reference no: EM132160963

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