James deposits $⁢768.51 each quarter into an annuity account for his child's college fund. He wishes to accumulate a future value of $⁢65,000 in 16 years. Assuming an APR of 3.4%, how much of the $⁢65,000 will James ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary. Amount James will deposit: $ Interest earned: $

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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.