Mr
Subject:FinancePrice: Bought3
Mr. Bean wants to borrow $8,900 for three years. The interest rate is 5.3% compounded monthly.
a. What quarterly payments are required on the loan? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
PMT $
b. What will be the balance owed on the loan at the start of the third year? (Round PMT calculation to 2 decimal places. Do not round other intermediate calculations and round your final answer to 2 decimal places.)
Balance owed $
