Find the Periodic Payment R Required to Amortize a Loan

question 185

Short Answer

Find the periodic payment R required to amortize a loan of P dollars over t years with interest earned at the rate of r%/year compounded m times a year. Round your answer to the nearest cent.
P = 22,000, r = 2, t = 9, m = 4
R = $ __________

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Definitions:

Ossicles

Three small bones in the middle ear that help in transmitting sound vibrations from the air to the fluid-filled cochlea.

Wavelength

The distance between successive crests of a wave, especially points in a sound wave or electromagnetic wave.

Sense of Color

is the capacity to perceive and distinguish between different colors, including their hues, saturation, and brightness, primarily mediated by the cone cells in the human eye.

Iris

The colored part of the eye that controls the size of the pupil and the amount of light that enters the eye.