document.write( "Question 1118312: Find the payment necessary to amortize a 12% loan of ​$1800 compounded​ quarterly, with 17 quarterly payments.\r
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Algebra.Com's Answer #733763 by solver91311(24713)\"\" \"About 
You can put this solution on YOUR website!
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\n" ); document.write( "\n" ); document.write( "Using the PMT function in Excel with 3% per period for 17 periods with a present value of $1800, Boreal's solution of $136.71 is correct to the penny. Ikleyn's solution of $82.72 only provides a total amount to the lender of $1406.26 after 17 payments. It would be a rare mortgage company indeed that could continue to do business in this fashion for very long.\r
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\n" ); document.write( "\n" ); document.write( "As a check, see the following amortization table:\r
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document.write( " Qtr 	 Pmt 	         Interest  	 Principal Red   Balance \r\n" );
document.write( "				                         $1,800.00 \r\n" );
document.write( " 1 	 $(136.71)	 $54.00 	  $(82.71)	 $1,717.29 \r\n" );
document.write( " 2 	 $(136.71)	 $51.52 	  $(85.20)	 $1,632.09 \r\n" );
document.write( " 3 	 $(136.71)	 $48.96 	  $(87.75)	 $1,544.34 \r\n" );
document.write( " 4 	 $(136.71)	 $46.33 	  $(90.38)	 $1,453.95 \r\n" );
document.write( " 5 	 $(136.71)	 $43.62 	  $(93.10)	 $1,360.86 \r\n" );
document.write( " 6 	 $(136.71)	 $40.83 	  $(95.89)	 $1,264.97 \r\n" );
document.write( " 7 	 $(136.71)	 $37.95 	  $(98.77)	 $1,166.20 \r\n" );
document.write( " 8 	 $(136.71)	 $34.99 	 $(101.73)	 $1,064.47 \r\n" );
document.write( " 9 	 $(136.71)	 $31.93 	 $(104.78)	   $959.69 \r\n" );
document.write( " 10 	 $(136.71)	 $28.79 	 $(107.92)	   $851.77 \r\n" );
document.write( " 11 	 $(136.71)	 $25.55 	 $(111.16)	   $740.61 \r\n" );
document.write( " 12 	 $(136.71)	 $22.22 	 $(114.50)	   $626.11 \r\n" );
document.write( " 13 	 $(136.71)	 $18.78 	 $(117.93)	   $508.18 \r\n" );
document.write( " 14 	 $(136.71)	 $15.25 	 $(121.47)	   $386.71 \r\n" );
document.write( " 15 	 $(136.71)	 $11.60 	 $(125.11)	   $261.60 \r\n" );
document.write( " 16 	 $(136.71)	  $7.85          $(128.87)	   $132.73 \r\n" );
document.write( " 17 	 $(136.71)	  $3.98          $(132.73)	   $-   \r\n" );
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\n" ); document.write( "\n" ); document.write( "John
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\n" ); document.write( "My calculator said it, I believe it, that settles it
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