Question

$38,000 loan, 60 month/ 5years, 7.5% rate, and the payments are made quarterly not monthly. How much are the payments going to be?

Answer 1

I will assume that the interest is 7.5% per annum compounded quarterly.
(The interest period must coincide with the payment period for our formula to work)

i = .075/4 = .01875
n = 20
payment = p

p(1 - 1.01875^-20)/.01875 = 38000

I get p = 2296.02