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math

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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 -

    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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