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Determine the payment to amortize the debt. (round your answer to the nearest cent.) Quartey payments on...

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Advance Math

Determine the payment to amortize the debt. (round your answer tothe nearest cent.)

Quartey payments on $15,500 at 3.5% for 6 years.

Find the unpaid balance on the debt. (Round your answer to thenearest cent)

After 7 years of monthly payments on $180,000 at 3% for 25years.

Answer & Explanation Solved by verified expert
4.2 Ratings (602 Votes)
Amortized amount P 15500 rate r 35 35100 0035 and compounded quarterly so r 00354 000875 And number of payments 6 x 4 24 PMT p x r x 1rt 1rt1 PMT 15500 x 000875 x 100087524 1000875241 PMT 135625 x 123255 123255 1 PMT 1671645 023255 PMT 7188329    See Answer
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