Find the amount of single payment

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Reference no: EM131603961

Quarterly payments of $675 are required to settle a loan. The interest rate on the loan is 9.6% compounded quarterly. Find the amount of a single payment which will settle the debt on January 1, 2018 given the date of the first payment and the date of the last payment.

a) April 1, 2011 ; October 1, 2016

b) July 1, 2019 ; April 1, 2023

c) January 1, 2005 ; July 1, 2010

Please show the formula and the answer step by step

Reference no: EM131603961

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