SOLUTION: After graduating with a master's degree, Shannon combined all of her student loans into a single loan of $17,000.00 with an interest rate of 4.2% compounded quarterly. If she is pl
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Question 1153212: After graduating with a master's degree, Shannon combined all of her student loans into a single loan of $17,000.00 with an interest rate of 4.2% compounded quarterly. If she is planning to pay off the loan in 12 years, what will her quarterly payment be?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
the loan is 17000
interest rate is 4.2% compounded quarterly.
present value = 17000
future value = 0
interest rate per quarter is 4.2% / 4 = 1.05%
number of quarters is 12 years * 4 = 48.
payments are made at the end of each quarter.
payment is 452.70 at the end of each quarter.
the online calculator at https://arachnoid.com/finance/index.html was used.
here's a display of the results of using this calculator.
inputs are pv, fv, np, ir.
output is pmt.
payments made at the end of each period is selected.
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