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Home Q & A Board Science-Related Homework Help Mathematics
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majarm majarm
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6 years ago
Edward Martin borrowed $15 810.00 from his uncle to finance his graduate studies. The loan agreement calls for equal payments at the end of each month for 6 years. The payments are deferred for 3 years and interest is 8.12% compounded semi-annually. What is the size of the monthly payments?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
6 years ago
Balance in 3 years: i = 0.0812 ÷ 2 = 0.0406, N = 3 × 2 = 6
FV = 15810.00(1.0406)6 = 15810.00(1.2694802) = $20 074.04
For annuity:  = 20074.04, i = 0.0406, n = 6 × 12 = 72, c =   = 
p =   - 1 = 0.006655

20074.04 = PMT 
20074.04 = PMT(57.05678)
$351.83 = PMT
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