Find the payment made by the ordinary annuity with the given present value. $242,665; quarterly payments for 15 years; interest rate is 7%, compounded quarterly The payment is $ *** (Simplify your answer. Round to the nearest cent as needed.)

Find the payment made by the ordinary annuity with the given present value. $242,665; quarterly payments for 15 years; interest rate is 7%, compounded quarterly The payment is $ *** (Simplify your answer. Round to the nearest cent as needed.)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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Find the payment made by the ordinary annuity with the given present value.
$242,665; quarterly payments for 15 years; interest rate is 7%, compounded quarterly
The payment is $
**]
(Simplify your answer. Round to the nearest cent as needed.)

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