Charles must make a loan payment of $2,150 at the end of each quarter. His nominal...
Charles must make a loan payment of $2,150 at the end of each quarter. His nominal annual loan rate is 2%, compounded quarterly. The original term of the loan was 13 years. How much did Charles originally borrow?
Homework Answers
i =2%/4 = 0.5% per quarter
n = 13*4 = 52 quarters
Charles originally boorowed = 2150*(P/A,0.5%,52)
= 2150*45.68975
= 98233
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