$15,000 (Present Value) Is Borrowed Today at 12% Compounded Quarterly

question 40

Short Answer

$15,000 (present value) is borrowed today at 12% compounded quarterly. The loan will be amortized over 4 years with equal quarterly payments. Compute the quarterly payments that are required to exactly pay off the loan. Use Tables 23-2A and 23-2B or a calculator.​

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