Suppose you borrow $12,000 at an interest rate of 8%, compounded monthly over 36 months. At the end of the first year (after 12 payments), you want to negotiate with the bank to pay off the remainder of the loan in eight equal quarterly payments. (a) Draw the cash flow diagram [1] (b) What will be the monthly payment before negotiation? [2] (c) What will be balance loan after one year? [2] (d) What will be the quarterly payment to payback the balance loan if the interest rate remains the same? [2]