zodwa needs R450550.00 to buy a house, the bank approved her loan for the full amount at an interest rate of 25% per year, compo unded quarterly, the loan must be paid off in ten years time. determine the size of zodwas quarterly payments?
1 answer:
Answer:
I'll setup the problem and leave the computation to you
Step-by-step explanation:
The equation to calculate fixed payments
P= payments
r = interest rate for the period (which is a quarter )
PV = present value (or the amount borrowed)
n = number of periods
r = .25/4 (4 months = quarter of a year)
n = 4*10
PV = R450550.00
if you have questions, put them in the comment
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