Answer:
Answer: $131.29
Explanation:
Given data:
loan amount = $15,000
duration for loan = 2 year
rate of interest = 4%
period for loan payment 13 year
Loan Amount Grew To: [tex]15,000(1+.04/12)^(12*2)=$16247.14[/tex]
Amortization Formula:
[tex] PMT = PV [(r/m)/(1-(1+r/m)^{-mt}[/tex]
PV = $16247.14
r = .04
m = 13
t = 12
so
PMT = [tex]16247.14\times [\frac{(.04/13)}{(1-(1+\frac{.04}{13^{-13*12}}}][/tex]
PMT = $130.65
Answer: $131.29
