Question 2.To borrow $1,400, you are offered an add-on interest loan at 7 percent. Three loan...
Question 2.To borrow $1,400, you are offered an add-on interest loan at 7 percent. Three loan payments are to be made, one at four months, another at eight months, and the last one at the end of the year.
Compute the three equal payments. (Round your answer to 2 decimal places.)
Homework Answers
Answer:
Loan amount = PV = $1,400
Installment at every 4 months.
Number of installments = nper = 3
Periodic (4 months) Interest = 7% / 3
Hence,
Installment payment = PMT (rate, nper, pv, fv, type) = PMT (7%/3, 3, -1400, 0, 0) = $488.61
Periodic equal payment = $488.61
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