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August 21, 2014

August 21, 2014

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

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

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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