John and Rosamond want to retire in 10 years and can save $130 every three months. They plan to deposit the money at the end of each quarter into an account paying 8.72% compounded quarterly. How much will they have at the end of 10 years? (Round your answer to the nearest cent.) $

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A: A= $150 r=6.72% n=15 m=4

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A:

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.