Asked by Anonymous
Find the payment necessary to amortize a 4% loan of $2100 compounded quarterly with 13 quarterly payments. Find the payment amount.
Answers
Answered by
Reiny
quarterly rate = i = .04/4 = .01
Pay( 1 - 1.01^-13)/.01) = 2100
12.13374 (pay) = 2100
pay = $173.07
Pay( 1 - 1.01^-13)/.01) = 2100
12.13374 (pay) = 2100
pay = $173.07
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.