Find the Periodic Payment Required to Repay $1,220 Repaid in 3

question 219

Multiple Choice

Find the periodic payment required to repay $1,220 repaid in 3 monthly installments, at an annual rate of 14%.Round to the nearest cent.

• A)\(\quad P = \$ 374.57\)
• B) \(\quad P = \$ 832.38\)
• C) \(P = \$ 37.03\)
• D) \(\quad P = \$ 463.80\)
• E) \(P = \$ 416.19\)

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Definitions:

Silk

A natural protein fiber, obtained from the cocoons of silkworms, used in the textile industry for making luxurious fabrics.

Trade

The act of buying, selling, or exchanging goods and services between parties within or across national borders.

Coffee

Coffee is a popular beverage made by brewing roasted and ground beans of the Coffea plant, famed for its stimulating effect due to caffeine content.

Exports

Commodities or services sent overseas from one country to another aimed at commerce or trade.