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Compute annuity payments correctly on calculator

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Reference no: EM132482764

Question 1: Compute Annuity Payments correctly on calculator. Is there a proper formula to use to arrive at the answer of this question (round to 2 decimal places):

Compute PMT

N = 30 years, monthly payments

Interest rate = 9%, compounded monthly

PV = 1,500,000

FV = 0

The assignment gives this example with the answer:

Calculating basic loan payments

N = 20 years, quarterly payments (P/Y=4)

Interest rate = 6.5%, compounded quarterly (C/Y=4)

PV = 56,000

FV = 0

Compute PMT

Reference no: EM132482764

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