The quarterly payment on a 4-year loan of $16,231 at 5. 1% compounded quarterly is $1508.31.
Principle P= $16,231
Rate of interest r= 5.1% compounded quarterly
Tenure n= 4 year =16 quarters
The formula for quarterly payment is given as:
Quarterly payment = [tex]\frac{P*r/100(1+r/100)^n}{(1+r/100)^n-1}[/tex]
Where P=principle
r =quarterly rate of interest
n=tenure
Quarterly payment =[tex]\frac{16231*(5.1/100)(1+5.1/100)^16}{(1+5.1/100)^16-1}[/tex]
Quarterly payment =$1508.31
Therefore, the quarterly payment on a 4-year loan of $16,231 at 5. 1% compounded quarterly is $1508.31.
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