Question text Joey buys a new Honda civic for $19410. He agrees to payments at the...
Question text
Joey buys a new Honda civic for $19410. He agrees to payments at the end of every month for 7 years. If interest is 5% compounded quarterly, what are Joey's payments?
Homework Answers
Given interest rate is 5% compounded quarterly i.e 1.25% per quarter. First we need to find equivalent rate compounded monthly. We know, monthly compounded should be equal to quarterly rate.
i.e 1.25 = 1(1+x%)^3
x= 0.415%
Now we find the annuity payments using present value formula
We know, Present Value = Annuity (P/F, 0.415%, 84 intervals)
19410 = Annuity * 70.7989
Annuity = $274.16
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Question text
Joey buys a new Honda civic for $19410. He agrees to payments at
the...
Joey buys a new Honda civic for $19410. He agrees to payments at the end of...
Joey buys a new Honda civic for $19410. He agrees to payments at the end of every month for 7 years. If interest is 5% compounded quarterly, what are Joey's payments?
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Question 4
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