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Ken just purchased new furniture for his house at a cost of $16,700. The loan calls...

Ken just purchased new furniture for his house at a cost of $16,700. The loan calls for weekly payments for the next 6 years at an annual interest rate of 11.17 percent. How much are his weekly payments?

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Answer #1

Ans $ 73.51

P = Regular Payments
PV = Loan Amount
r = rate of interest
n = no of periods
P = r (PV)
1 - (1 + r )-n
P = (11.17%/52)*16700
1 - (1 / (1 + 11.17%/52)^312))
P = 35.87288462
0.488025883
P = 73.51
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