Answered

At Westonci.ca, we connect you with the best answers from a community of experienced and knowledgeable individuals. Explore thousands of questions and answers from a knowledgeable community of experts ready to help you find solutions. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Using technology, determine the quarterly payment on a 4 year loan of $16,231 at 5. 1% compounded quarterly. Round your answer to the nearest cent. A. $1,125. 69 c. $1,518. 85 b. $1,127. 86 d. $1,508. 31.

Sagot :

ashishdwivedilVT

The quarterly payment on a 4-year loan of $16,231 at 5. 1% compounded quarterly is $1508.31.

Principle P= $16,231

Rate of interest r= 5.1% compounded quarterly

Tenure n= 4 year =16 quarters

What is the formula for quarterly payment?

The formula for quarterly payment is given as:

Quarterly payment = [tex]\frac{P*r/100(1+r/100)^n}{(1+r/100)^n-1}[/tex]

Where P=principle

r =quarterly rate of interest

n=tenure

Quarterly payment =[tex]\frac{16231*(5.1/100)(1+5.1/100)^16}{(1+5.1/100)^16-1}[/tex]

Quarterly payment =$1508.31

Therefore, the quarterly payment on a 4-year loan of $16,231 at 5. 1% compounded quarterly is $1508.31.

To get more about quarterly payments visit:

https://brainly.com/question/25792915

Thanks for using our service. We aim to provide the most accurate answers for all your queries. Visit us again for more insights. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.