Question
In: Finance
Alysha would like to borrow $31,000 to pay one year’s tuition ata private U.S. university....
Alysha would like to borrow $31,000 to pay one year’s tuition at a private U.S. university. She would like to make quarterly payments and finish repaying the loan in 5 years. If the bank is quoting her a rate of 4 percent compounded monthly, determine her quarterly payment. (Round effective interest rate to 4 decimal places, e.g. 25.1253% and final answer to 2 decimal places, e.g. 125.12.)
Solutions
Expert Solution
Effective quarterly rate, r = (1 + 0.04/12)^4 - 1
r = 0.01340014827
Number of quarterly payments, n = 5 * 4 = 20
PV = 31,000
Quarterly payments = $1,777.27
jeff jeffy answered 2 years agoRelated Solutions
Alysha would like to borrow $31,000 to pay one year’s tuition ata private U.S. university....
Alysha would like to borrow $31,000 to pay one year’s tuition at
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