What is the amount of the quarterly payment

Reference no: EM13206981

Suppose you borrowed 10,000 dollars at an interest rate of 8 percent compounded monthly over 36 months. At the end of the first year( 12 payments), you want to negotiate with the bank to pay off the remainder of the loan in 8 equal quarterly payments. What is the amount of this quarterly payment if the interest rate and compounding frequency remain the same?

Reference no: EM13206981

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