+598 To finance the development of a new product, a company borrowed $30,000 at 7% compounded monthly. If the loan is to be rapid in equal quarterly payments over seven years and the first payment is due three months after the date of the loan, what is the size of the quarterly paymeny?
Any help would be greatly appreciated, thanks
To finance the development of a new product, a company borrowed $30,000 at 7% compounded monthly. If the loan is to be rapid in equal quarterly payments over seven years and the first payment is due three months after the date of the loan, what is the size of the quarterly paymeny?
This is very common loan or mortgage formula to find the regular quarterly payment. Remember, that you have to convert 7% comp. monthly to comp. quarterly, which comes to=7.04%. Based on that, the regular quarterly payments come to=$1,366.28.
