Find the payment necessary to amortize the loan.
-$\$ 2100 ; 12 \%$ compounded quarterly; 8 quarterly payments
A) $\$ 269.71$
B) $\$ 422.74$
C) $\$ 299.16$
D) $\$ 299.23$

Name: Find the payment necessary to amortize the loan. -$\$ 2100 ; 12 \%$ compounded quarterly; 8 quarterly payments A) $\$ 269.71$ B) $\$ 422.74$ C) $\$ 299.16$ D) $\$ 299.23$
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Quizplus · Accepted Answer

The quarterly interest rate is 3% (12% annual rate divided by 4). Using the amortization formula, the payment is calculated to be approximately $299.16.

Find the Payment Necessary to Amortize the Loan $2100;12%\$ 2100 ; 12 \%$2100;12%

Find the Payment Necessary to Amortize the Loan $\$ 2100 ; 12 \%$