erinmcdonald1024 erinmcdonald1024
  • 14-09-2019
  • Mathematics
contestada

determine the payment to amortized the debt quarterly payments on $16,500 at 3.6% for 6 years

Respuesta :

wagonbelleville wagonbelleville
  • 19-09-2019

Answer:

$767.49

Step-by-step explanation:

given,

Amount of money = $16,500

quarterly rate = 3.6/4 = 0.9 %

times = 6 × 4 = 24 quarters.                            

[tex]A =\dfrac{P(r(1+r)^n)}{(1+r)^n-1}\\\\A =\dfrac{16500\times(0.009(1+0.009)^{24})}{(1+0.009)^{24}-1}\\A = \$ 767.49[/tex]          

hence, the payment to amortize the dept  will be equal to $767.49  .

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