document.write( "Question 1198848: Determine the periodic payments on the given loan or mortgage.(Round your answer to the nearest cent.)
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document.write( "$1,000,000 borrowed at 7% for 25 years, with quarterly payments\r
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document.write( "PMT= \n" );
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Algebra.Com's Answer #832505 by Theo(13342)![]() ![]() You can put this solution on YOUR website! use the calculator at https://arachnoid.com/finance/ to solve this. \n" ); document.write( "inputs to the calculator are: \n" ); document.write( "pv = 1,000,000 dollars \n" ); document.write( "fv = 0 \n" ); document.write( "np = 25 * 4 = 100 quarters \n" ); document.write( "ir = 7% per year / 4 = 1.75% per quarter \n" ); document.write( "payment is made at the end of each quarter. \n" ); document.write( "output is: \n" ); document.write( "pmt = -21,248.80 at the end of each quarter.\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "positive amount is what your receive. \n" ); document.write( "negative amount is what you spend. \n" ); document.write( "you received a loan of 1 million dollars and you have to pay out 21,248.80 dollars at the end of each quarter for 100 quarters (25 years).\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "here's what the output of the calculator looks like.\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( " ![]() \n" ); document.write( "\n" ); document.write( " \n" ); document.write( " |