Answer:
$1,140.52 per Quarter
Explanation:
Loan Amount (P) = $15,500
Quarterly Interest Rate (n) = 4.00% [16.00% / 4]
Number of period (n) = 20 Periods [5 * 4]
Quarterly Loan Payment = [P * {r*(1+r)^n} ] / [(1+r)^n - 1]
= [$15,500 * {0.04 * (1+0.04)^20}] / [(1+0.04)^20 - 1]
= [$15,500 * {0.04 * 2.1911231}] / [2.1911231 - 1]
= [$15,500*0.0876449] / 1.1911231
= $1,358.50 / 1.1911231
= $1,140.52 per Quarter
