Question 1130383

James borrows $9000 and amortizes the loan for 4 years at 9 percent compounded annually. What are his yearly payments? 

{{{A=P(1+r/n)^(n*t)}}}

James borrows ${{{9000}}}=>{{{P=9000}}}
the loan for {{{4}}} years=>{{{n=4}}}
{{{9}}}%={{{0.09}}} percent compounded annually=>{{{r=0.09}}}

{{{A=9000(1+0.09/4)^(4*4)}}}

{{{A = 12848.6}}}

to find out what are his yearly payments, divide  {{{A = 12848.6}}} by {{{4}}}

{{{A/4 = 12848.6/4}}}

{{{A/4 = 3212.15}}}