Use Table 12-2 from Your Text to Calculate the Amount

question 10

Short Answer

Use Table 12-2 from your text to calculate the amount of the periodic payment required to amortize (pay off) the loans, rounding to the nearest cent: $\begin{array}{llllll}\text { Loan } & \text { Payment } & \text { Term of } & \text { Nominal } & \text { Interest } & \text { Present Value } \\\underline{\text { Payment }}& \underline{\text { Period }} & \underline{\text { Loan }} & \underline{\text { Rate }} & \underline{\text { Compounded }} & \underline{\text { (Amount of Loan) } }\\& \text { every month } & 8 \text { years } &15 \% & \text { annually }&\$20,000\end{array}$

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