question archive you want to borrow $20000 an repay it in quarterly installments or payments over 5 years
you want to borrow $20000 an repay it in quarterly installments or payments over 5 years
Subject:FinancePrice:2.86 Bought3
you want to borrow $20000 an repay it in quarterly installments or payments over 5 years. APR=8%. if payments are equal how much shoulf be each one
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rate positively .
| we have to use finanical calculator to solve this | |||
| put in calculator | |||
| FV | 0 | ||
| PV | -20000 | ||
| I=8%/4 | 2.00% | ||
| N=5*4 | 20 | ||
| Compute PMT | $1,223.13 | ||
| Ans = | $1,223.13 |
