SOLUTION: A dept of R25000 is to be armotised with equal quarterly payments over 6 year, and money is worth 7% per annum, compounded quarterly. Calculate the amount of each payment

Question 1152650: A dept of R25000 is to be armotised with equal quarterly payments over 6 year, and money is worth 7% per annum, compounded quarterly. Calculate the amount of each payment
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Payment=Pr*i/1-(1+i)^(-n)
=25000*(.07/12) divided by 1-(1+(.07/12)^-24, where the 24 came from 6 years of quarterly payments.
Round at the end
should see something like 145.833/0.13029
Answer is $1284.64 a quarter.
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