Problem
(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.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.