Use the Appropriate Formula to Find the Amortization Payment You

question 105

Multiple Choice

Use the appropriate formula to find the amortization payment you would need to make each three months, at 8% interest compounded quarterly, to pay off a loan of $8,000 in 6 years.

• A) $1,730.52
• B) $422.97
• C) $1,288.29
• D) $316.61

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Definitions:

Reaction Times

The duration of time taken to respond to a stimulus, often used to measure the speed of nervous system processing.

Msec

Abbreviation for milliseconds, a unit of time equal to one thousandth of a second.

Reaction Time

The amount of time it takes to respond to a stimulus, critical in many aspects of human performance and safety.

Learning Process

A series of activities or steps taken by an organism to acquire or modify knowledge, behaviors, skills, values, or preferences.