Homework Answers
Quarterly Payment = P = $118
Quarterly Interest Rate = r = 0.034/4
Number of payments = n = 7*4 = 28
Future Value = FV = P(1+r)n-1 +....+
P(1+r)2 + P(1+r) + P
= P[(1+r)n -1]/r
= 118[(1+0.034/4)28 -1]/(0.034/4)
= $3,712.61
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