Quarterly payments of $675 are required to settle a loan. The interest rate on the loan...

Quarterly payments of $675 are required to settle a loan. The interest rate on the loan is 9.6% compounded quarterly. Find the amount of a single payment which will settle the debt on January 1, 2018 given the date of the first payment and the date of the last payment.

a) April 1, 2011; October 1, 2016

b) July 1, 2019; April 1, 2023

c) January 1, 2005; July 1, 2010

******* the answers given by the teacher are A.) 22,971.63 B.) 7,888.00 C) 41,561.45. I need help figuring out how to get to these answers******

Expert Solution

jeff jeffy answered 1 year ago

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