Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Charles just took out a loan from the bank for $ 1 6 , 7 0 0 . 0 0 . He plans to repay

Charles just took out a loan from the bank for $16,700.00. He plans to repay this loan by making a special payment to the bank of $5,200.00 in 2 quarters and by also making equal, regular quarterly payments of X. If the interest rate on the loan is 3.43 percent per quarter, he makes his first regular quarterly payment later today, and he makes his last regular quarterly payment in 5 quarters, then what is X, the amount of the regular quarterly payment?
$2,530.17(plus or minus $1)
$2,143.22(plus or minus $1)
$2,216.73(plus or minus $1)
$2,616.96(plus or minus $1)
none of the answers are within $1 of the correct answer

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

American Public School Finance

Authors: William A. Owings, Leslie S. Kaplan

3rd Edition

113849996X, 978-1138499966

More Books

Students also viewed these Finance questions

Question

What is the going concern doctrine?

Answered: 1 week ago

Question

b. Where is it located (hospital, research institute, university)?

Answered: 1 week ago

Question

Explain how you would reduce stress at work.

Answered: 1 week ago