Homework Soursefind the payment necessary to amortize 8 loan of 1500 for 19
find the payment necessary to amortize 8% loan of $1500 for 19 compound quarterly payments. the payment size is????
Solution
payment size=P[r(1+r)n]/[(1+r)n-1]
r =interest/4 =0.08/4 =0.02
P=1500
n= 19
payment size=1500*[0.02(1+0.02)19]/[(1+0.02)19-1]
payment size=1500*[0.02(1.02)19]/[(1.02)19-1]
payment size=95.67$
![find the payment necessary to amortize 8% loan of $1500 for 19 compound quarterly payments. the payment size is????Solutionpayment size=P[r(1+r)n]/[(1+r)n-1] r](/WebImages/22/find-the-payment-necessary-to-amortize-8-loan-of-1500-for-19-1051160-1761547568-0.webp "find the payment necessary to amortize 8% loan of $1500 for 19 compound quarterly payments. the payment size is????Solutionpayment size=P[r(1+r)n]/[(1+r)n-1] r")
