Answer:
4 payments
Explanation:
Loan amount = 30,000
Nominal annual interest rate = 3% = 0.03
Effective annual interest rate = (1+0.03/4)^4 - 1 = 1.0075^4 - 1 = 1.03033919066 - 1 = 0.03033919066 = 3.03%
No of annual payment = 15
Annual payment = PMT(Effective annual interest rate, No of annual payment, -Loan amount, 0)
Annual payment = PMT(3.03%, 15, -30,000, 0)
Annual payment = $2,519.17
Remaining balance = $10,000
Number of annual payments to get desired remaining balance = Nper(Effective annual interest rate, -Annual payment, Loan amount, -Remaining balance, 0)
= Nper(3.03%, -2,519.17, 30,000, -10,000, 0)
= 11
Number of annual payments to get desired remaining balance = 11. So, number of annual payment Angela need to make is 4 (15-11).
