A mechanic borrows $8500 to expand his garage. The interest rate is 16% compounded quarterly with payments due everyquarter. What are the quarterly payments if the loan is to be paid off in 8 years? (Round your final answer to two decimal

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
icon
Related questions
Question

A mechanic borrows $8500 to expand his garage. The interest rate is 16% compounded quarterly with payments due everyquarter. What are the quarterly payments if the loan is to be paid off in 8 years? (Round your final answer to two decimal

Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Recommended textbooks for you
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College
Calculus For The Life Sciences
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,