Problem #2: Installment Note Preferred Corporation purchases an asset and finances it with a note payable. Information regarding the transaction follows: YOU WILL NEED THE KIESO PRESENT VALUE TABLES...

Extracted text: Problem #2: Installment Note Preferred Corporation purchases an asset and finances it with a note payable. Information regarding the transaction follows: YOU WILL NEED THE KIESO PRESENT VALUE TABLES FOR THIS PROBLEM. Cost of asset 450,000 450,000 12% 2 years 4 times per year Amount Financed Annual Interest Rate Installment loan term Payments are made USE PROBLEM #2 TO ANSWER QUESTIONS 8 THRU 10 BELOW 8.) Calculate the periodic payment on the note payable. 9.) What is the total amount of interest that will be paid on the note payable over the two year period? 10.) If the company wishes to get the loan paid off in ONE year instead what will the new quarterly payments be?