Question 1076751
To calculate the amount of quarterly payments, we use the formula Payout=[Principal*(r/n)*((1+r/n)^(y*n))]/[((1+r/n)^(y*n)-1], where r is the yearly interest rate, n is the amount of compounding periods per year, and y is the total number of years of payout. So, we have:
Payments=[1000*(.16/4)*((1+.16/4)^(5*4))]/[((1+.16/4)^(5*4)-1]
Payments=R 73.58 as the amount of quarterly payments. &#9786;&#9786;&#9786;&#9786;