Approximate amount of the quarterly payment

Reference no: EM1385434

1) A college student borrows $1500 during his senior year. The loan is to be repaid in 20 equal quarterly installments. The interest rate is 5% per year with the first payment to be made 3 years after the date of the loan. What will be the approximate amount of the quarterly payment?

2) What annual investment is required at 8% per year compounded annually to accumulate to $100,000 at the end of 20 years?

3) A college student borrows $1500 during his senior year. The loan is to be repaid in 20 equal quarterly installments. The interest rate is 5% per year with the first payment to be made 3 years after the date of the loan. What will be the approximate amount of the quarterly payment?

Reference no: EM1385434

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