Posted by **meg** on Sunday, May 1, 2011 at 6:33pm.

A recent graduate's student loans total $13,000. If these loans are at 4.1%, compounded quarterly, for 9 years, what are the quarterly payments

- math -
**MathMate**, Sunday, May 1, 2011 at 9:58pm
Use

R=quarterly payment

i=interest = 4.1%/4 = 0.041/4

n = 9*4 quarters = 36 quarters

P = principal, present value = $13,000

Then

P(1+i)^n = R((1+i)^n-1)/i

Solve for R, everything else is known.

I get $433.65 (quarterly payment)

## Answer This Question

## Related Questions

- math help plz! - Calculate the future value of quarterly payments of $1200 for 5...
- Math! plz help! - Calculate the future value of quarterly payments of $1200 for ...
- Math - A $20,000 loan is to be amortized for 10 years with quarterly payments of...
- Mathematics and investment - 1. Angelo wants to renovate his house in 3 years. ...
- finite math - Find the amount of an ordinary annuity for 5 years of quarterly ...
- math - Steve wants to have $25000 in 25 years, he can only get 3.2% interest ...
- Math - You plan to make 24 equal quarterly payments (payments are at the end of ...
- finite math - Find the present value of an ordinary annuity of $600 payments ...
- Math - Serena wants to borrow $15 000 and pay it back in 10 years. Interest ...
- Math - A person wants to establish an annuity for retirement purposes. He wants ...

More Related Questions