N=-1 distribute then isolate your variable and divide
Answer:
13402
Step-by-step explanation:
PV= $299,132
I/YR= 4.48% or 0.0448
N= 216
PMT= $13402
(Excel works great with this and will solve it for you, use the PMT function and insert the numbers provided. It will show a (-) but that is because a positive PV is placed.)
To reduce a fraction, divide the numerator and the denominator equally until they reach the simplest whole number possible.
In this case, the numerator (720) and the denominator (1080) can both be divided by 360 to get 2/3, our reduced fraction.