A couple is planning to finance its three-year-old son's college education. Thecouple can deposit money at 12% compounded quarterly. What quarterlydeposit must be made from the son's 3rd birthday to his 18th birthday in order to provide $30,000 on each birthday from the 18th to the 21st? (Note that the last deposit is made on the date of the first withdrawal.)

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A: the answer with complete calculation are as follows

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A:

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A:

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A: Computation:

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.