Use Table 122 to calculate the amount of the periodic payment required to amortize (pay off) the following loans.
Loan  Payment  Term of  Nominal  Interest  Present Value  
Payment  Period  Loan (years)  Rate (%)  Compounded  (Amount of Loan)  
12.  every month 

6  monthly  $20,000 
To calculate: The amount of loan payment where payment frequency is
Given Information:
Payment frequency is
Formula used:
Steps to compute the amount of an amortization payment;
Step 1: First find the present value table factor from table 122 by using appropriate rate and number of periods of the amortization.
Step 2: Compute the amount of amortization payment.
The formula to the amount of an amortization payment;
Calculation:
Consider that payment frequency is
As the interest is compounded monthly. So, the interest rate period is;
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