1. Ernie Boddy had $3,620.00 on deposit at savings bank on July 1. The money earns interest at a rate of 6.5% compounded quarter
1 answer:
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Answer:
$273.38 per month
Step-by-step explanation:
<u>Monthly Payment Formula</u>
where:
- PMT = monthly payment
- P = loan amount
- i = interest rate per month (in decimal form)
- n = term of the loan (in months)
Given:
- P = $19,500 - $4,000 = $15,500
- i = 2.25% / 12 = 0.0225 / 12
- n = 5 years = 60 months