Heather took a loan of $7,300 from his parents to purchase equipment for his hair salon. If they agreed on an interest rate of 8% compounded monthly on the loan, and he made his first payment 2 years and 8 months from now: a. Calculate the value of the loan at the end of the deferral period. Round to the nearest cent b. What quarterly payments will settle the loan in 6 years?

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