Amortization is the process of paying off debt with regular payments made over time.
Given that
[tex]A\text{ =P x}\frac{\frac{r}{n}(1+\frac{r}{n})^{nt}}{(1+\frac{r}{n})^{nt}-1}[/tex]
where P = $20,000
r= 5% = 0.05
n = 4 (since it is compounded quarterly)
t = 11/12 (Since it is 11 quaterly payment)
[tex]\begin{gathered} \text{Therefore n x t = 4 x}\frac{11}{12}\text{ =}\frac{11}{3} \\ \end{gathered}[/tex]
Also,
[tex]\frac{r}{n}=\frac{0.05}{4}=\text{ 0.0125}[/tex]
Substituting these values
