Find the amount of each payment necessary to amortize the following loan.

1 answer:

3 0

Use the formula of the present value of annuity ordinary
The formula is
Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
Pv present value 84700
Pmt payment per quarter ?
R interest rate 0.10
K compounded quarterly 4
N time 9 years
We need to solve for pmt
Pmt=pv÷ [(1-(1+r/k)^(-kn))÷(r/k)]
Pmt=84,700÷((1−(1+0.10÷4)^(−4
×9))÷(0.10÷4))=3,595.65

Hope it helps

You might be interested in

A store has 30 boxes of melons each box holds 4 bags. Each bag holds 2 melons. What is the total number of melons in the store

zlopas [31]

240 hope that helped

6 0

2 years ago

A video game club charges a fixed annual membership fee of $20 and $2 per video game rented. Let f(n) represent the total annual

djverab [1.8K]

The total cost for video rental, f(n), is the sum of the membership fee and the cost of renting video game. The latter is the product of cost per video game times n video games. The correct equation used to represent the total cost is,
f(n) = 20 + 2n
Since the membership is increased by 15, the new equation is,
f(n) = 35 + 2n

4 0

2 years ago

Read 2 more answers

Find the difference quotient <img src="https://tex.z-dn.net/?f=%5Cfrac%7Bf%28x%20%2B%20h%29%20-%20f%28x%29%7D%7Bh%7D" id="TexFor

AlladinOne [14]

Answer:

$-2x - h - 3$