A $500000 Loan Requires Payments at the End of Each Quarter

question 14

Essay

A $5000.00 loan requires payments at the end of each quarter for five years. If the interest rate on the loan is 8% compounded quarterly, calculate the size of each payment.

---

Definitions:

Job Simplification

Job Simplification is the process of redesigning job tasks in order to make them more straightforward and less complicated, often by reducing the range of skills required.

Increasing Task Job Resources

Enhancing the tools, support, and conditions needed for performing specific tasks effectively at work.

Skill Variety

The degree to which a job requires a range of different activities and skills to carry out the work involved.

Goal Setting Theory

A process theory that states that goals are motivational when they are specific and challenging, when organizational members are committed to them, and when feedback about progress toward goal attainment is provided.