A recent graduate's student loans total $14,000. If these loans are at 5%, compounded quarterly, for...
A recent graduate's student loans total $14,000. If these loans are at 5%, compounded quarterly, for 6 years, what are the quarterly payments? (Round your answer to the nearest cent.)
Homework Answers
| Quarterly payment | = | Loan Amount | / | Present value of annuity of 1 | |||||
| = | $ 14,000.00 | / | 20.62423 | ||||||
| = | $ 678.81 | ||||||||
| Working: | |||||||||
| Present value of annuity of 1 | = | (1-(1+i)^-n)/i | Where, | ||||||
| = | (1-(1+0.0125)^-24)/0.0125 | i | = | 5%/4 | = | 0.0125 | |||
| = | 20.6242345 | n | = | 6*4 | = | 24 | |||
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