Find the Payment Necessary to Amortize the Loan Using the Amortization

question 115

Multiple Choice

Find the payment necessary to amortize the loan using the amortization table. Round to the nearest cent.
-$120,000, 6% compounded quarterly, 31 quarterly payments

• A)$4,749.25
• B)$1,104.09
• C)$4,996.70
• D)$4,868.40

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Definitions:

Philadelphia

A historic city in Pennsylvania, United States, notable for its role in the early history of the nation, including the signing of the Declaration of Independence and the U.S. Constitution.

British North America

Term historically used to refer to the British Empire's colonial territories in North America, including the Thirteen Colonies, Canada, and other possessions.

Cultural Center

A cultural center is a space or institution dedicated to promoting arts and culture, where individuals can engage with and explore various cultural activities, exhibitions, and educational programs.

English American Cities

Cities in the Americas that were founded or significantly influenced by British settlers or culture, reflecting English architectural, social, and governmental characteristics.