Determine the payment to amortize the debt. (Round your answer to the nearest cent.)
Quarterly payments
on $14,500 at 3.6% for 6 years.
Quarterly loan payment
Loan Amount (P) = $14,500
Quarterly Interest Rate (n) = 0.90% per Quarter [3.60% / 4 Quarters]
Number of period (n) = 24 Periods [6 Years x 4 Quarters]
Therefore, the Quarterly Loan Payment = [P x {r (1+r)n} ] / [( 1+r)n – 1]
= [$14,500 x {0.0090 x (1 + 0.0090)24}] / [(1 + 0.0090)24 – 1]
= [$14,500 x {0.0090 x 26.89588115}] / [26.89588115 – 1]
= [$14,500 x 0.24206293] / 25.8958812
= $3,509.91 / 25.8958812
= $135.54 per quarter
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