Question

Find the periodic payment R required to amortize a loan of P dollars over t years with interest charged at the rate of r%/year compounded m times a year. (Round your answer to the nearest cent.)
P = 11,000, r = 4, t = 4, m = 2

Answer 1

i = .04/2 = .02
n = 4*2 = 8
PV = 11000
paym = ?

11000 = paym(1 - 1.02^-8)/.02

solve for paym, let me know what you got.