Question

how would a enter a payment that was accepted with a 4 month, 8% note in a payment of a $4800.00 account

Answer 1

Answer:

Enter a payment of 5192.52.

Step-by-step explanation:

Consider the provided information.

The payment is $4800 with a 4 month, 8% note.

The amount can be calculated as:

$Amount=p(1+\frac{r}{m})^{mt}$

Where p is money invested, r is annual interest rate, t is number of years and m is number of period.

Now substitute p = 4800 r = 0.08 and m = 4 in the above formula.

$Amount=4800(1+\frac{0.08}{4})^4$

$Amount=4800(1+0.02)^4$

$Amount=4800(1.02)^4$

$Amount=4800(1.08243216)$

$Amount=5195.52\ approximately$

Hence, enter a payment of 5192.52.