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

question 92

Short Answer

Use Table 12-2 in your text to calculate the amount of the periodic payment required to amortize (pay off) the loans, rounding to the nearest cent: $$\begin{array} { l l l l l l } \text { Loan } & \text { Payment } & \text { Term of } & \text { Nominal } & \text { Interest } & \text { Present Value } \\\text { Payment } & \text { Period } & \underline { \text { Loan } } & \underline { \text { Rate } } & \underline { \text { Compounded } } & \underline { \text { (Amount of Loan) } } \\& \text { every 3 months } & 8 \text { years } & 12 \% & \text { quarterly } & \$ 48,000\end{array}$$

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Gender Role

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