Question

how would a enter a payment that was accepted with a 4 month, 8% note in a payment of a $4800.00 account

Answer 1

Enter a payment of 5192.52.

Explanation:

Consider the provided information.

The payment is $4800 with a 4 month, 8% note.

The amount can be calculated as:

`Amount=p(1+(r)/(m))^(mt)`

Where p is money invested, r is annual interest rate, t is number of years and m is number of period.

Now substitute p = 4800 r = 0.08 and m = 4 in the above formula.

`Amount=4800(1+(0.08)/(4))^4`

`Amount=4800(1+0.02)^4`

`Amount=4800(1.02)^4`

`Amount=4800(1.08243216)`

`Amount=5195.52\ approximately`

Hence, enter a payment of 5192.52.