Question

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

Answer 1

$767.49

Explanation:

given,

Amount of money = $16,500

quarterly rate = 3.6/4 = 0.9 %

times = 6 × 4 = 24 quarters.

`A =(P(r(1+r)^n))/((1+r)^n-1)\\\\A =(16500*(0.009(1+0.009)^(24)))/((1+0.009)^(24)-1)\\A = \$ 767.49`

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