Computing quarterly installment of car loan

Reference no: EM1329481

You need to borrow $65,000 for a new car. The annual interest rate is 12%, compounded quarterly. You will be making quarterly payments for three years.

1. What is your quarterly payment?

2. How much will you owe on the loan after you make the first payment?

3. How much will you owe on the loan after you make the 2nd payment?

Reference no: EM1329481

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