Use the appropriate formula to find the amortization payment you would need to make each three months, at 6% interest compounded quarterly, to pay off a loan of $8,500 in 5 years. 1. $367.59 2. $487.32 3. $495.09 4. $657.32

Use the appropriate formula to find the amortization payment you would need to make each three months, at 6% interest compounded quarterly, to pay off a loan of $8,500 in 5 years. 1. $367.59 2. $487.32 3. $495.09 4. $657.32

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.4: Series And Their Notations

Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...

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Question

100%

Use the appropriate formula to find the amortization payment you would need to make each three months, at 6% interest compounded quarterly, to pay off a loan of $8,500 in 5 years.

1. $367.59

2. $487.32

3. $495.09

4. $657.32

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