A $35,000 loan bearing interest at 10% compounded quarterly was repaid, after a period of deferral, by

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A $35,000 loan bearing interest at 10% compounded quarterly was repaid, after a period of deferral, by quarterly payments of $1573.83 over 12 years. What was the time interval between the date of the loan and the first payment?

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: Jan 20, 2016 07:43 AM

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A $35,000 loan bearing interest at 10% compounded quarterly was repaid, after a period of deferral, by

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The original loan equals the present value of the payments Thus PV 35000 with PMT 157383 ...View the full answer

Business Mathematics In Canada

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