glen wants to purchase new equipment for his landscapping business . he wants to arrange a loan that he will not have to repay for 24 months , the loan he has negotiated has an annual rate of 5.35% compounded quarterly . he only wants to pay back a maximum 0f $18500 when the loan matures in 24 months.
a) what is the maximum he could borrow ?
b) how much interest would he pay?
