Use formula (1.4.1) on page 19. Assume 52 weeks in a year.

Bart took out a $124,539 loan to buy a yacht. The loan had a fixed annual interest rate of 8%. If Bart wanted to pay off the loan in 240 weeks with equal biweekly payments, how much would the amount per payment? Round your answer to a whole number. Do not put $ or dollars with your answer. If you do the calculation in multiple steps, remember not to round any number before you reach the final answer.

t of P is lent to the borrower at an on fixed time interval such as 30 day ch period. If the loan is to be paid amount per payment is given by the 7 periods, with interest compounded i M= 1-(1+i)-n e amount per payment of a loan und ander the compound interest setup 20 loan carries a 25% annual interest