Homework Help: math

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)

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