SOLUTION: Find the amount of each payment if a dept of R25 000 is to be amortised with equal quarterly payments over 6 years, and money is worth 7% p.a., compounded quarterly.
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Question 1139156: Find the amount of each payment if a dept of R25 000 is to be amortised with equal quarterly payments over 6 years, and money is worth 7% p.a., compounded quarterly. Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! A=P*i/1+(1+i)^-n, interest is per cent divided by number of payments/year
=25000*(0.07/4)/1-(1.0175)^-24
=R1284.63
