Solution-Determine quarterly payment

Determine quarterly payment

Reference no: EM133068536

Alysha would like to borrow $ 30,000 to pay one year's tuition at a private U.S. university. She would like to make quarterly payments and finish repaying the loan in 5 years. If the bank is quoting her a rate of 4 percent compounded monthly, determine her quarterly payment. (Round effective interest rate to 4 decimal places, e.g. 25.1253% and final answer to 2 decimal places, e.g. 125.12.)

Reference no: EM133068536

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Determine quarterly payment

Reference no: EM133068536

Reference no: EM133068536

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