   Chapter 12, Problem 14CR ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Write the formula for calculating an amortization payment by table. (12-8)

To determine

The formula to calculate amortization payment by table 12-8.

Explanation

Amortization is the paying-off of liability with a fixed settlement schedule in steady installments during a period of time. It also denotes to the distribution of capital expenses for intangible assets over a definite duration (typically over the useful life of that asset) for taxation and accounting purposes.

For example:

Consider that payment frequency is 3 months, time duration is 7 years, nominal rate of return is 16% and present value amount is \$130,000.

The rate period is 4%(16%÷4 period per year).

The number of periods is 28(7 years×4 period per year).

From Table 12.2, the table factor for 4%, twenty eight periods is 16.66306.

Substitute 16

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