Find the Periodic Payment R Required to Amortize a Loan

question 102

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 = 7,000, r = 3, t = 5, m = 4
R = $__________

---

Definitions:

Blanch

The process of briefly submerging foods in boiling water followed by immediate cooling, often used to preserve color and ease peeling.

Nutrition

The process by which living organisms obtain and process the nutrients necessary for health, growth, and maintenance of body functions.

Contaminated Area

A location or surface that has been exposed to potentially infectious agents or hazardous materials, making it unsafe without proper precautions.

Solution

A mixture in which all components are evenly distributed within the liquid, forming a homogeneous mixture.