Don't use ai i will report you answer solve it as soon as possible with proper explanation A student just graduated from State University with a bachelor's degree in history. During four years at the university,$11,750 in student loans were accumulated. The student asks for your help in determining the amount of the quarterlyloan payment. The loan must be paid back in five years and that the annual interest rate is 8%. Payments begin in threemonths.Required:Determine the quarterly loan payment.Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. (FV of $1,PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)Table or calculator function:Present value:FVA of $1$11,750n =20¡ =2%Quarterly payment:$719

No of Quarter in which loan to be paid = 5*4 = 20Annual Interest Rate = 8%Assuming Annual Interest…

Answered: A student just graduated from State…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sandy Kupchack just graduated from State University with a bachelor's degree in history. During her four years at the university, Sandy accumulated $10,750 in student loans. She asks for your help in determining the amount of the quarterly loan payment. She tells you that the loan must be paid back in five years and that the annual interest rate is 8%. Payments begin in three months. (EV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) Required: Determine Sandy's quarterly loan payment. (Round your final answers to nearest whole dollar amount.) Table or calculator function Present value: Quarterly payment
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