What quarterly payments are required on the loan

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Mr. Bean wants to borrow $9,400 for three years. The interest rate is 7.4% compounded monthly.

a. What quarterly payments are required on the loan? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

PMT $

b. What will be the balance owed on the loan at the start of the third year? (Round PMT calculation to 2 decimal places. Do not round other intermediate calculations and round your final answer to 2 decimal places.)

Balance owed $

Reference no: EM133048395

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