Frank, a purchasing manager for a farm co-op, negotiated a deal for some equipment. The farm co-op took out a loan of $17,000.00, with a $3,000.00 payment due at signing (assume all of this payment applies towards the loan amount). The remaining will be paid off with quarterly payments for the next 4 years. If the negotiated interest rate on the debt is 9.9% compounded quarterly. What will the farm co-op's payment be? (Round all answers to 2 decimal places.) Assuming all of the payments were on time and the farm co-op did not prepay on the loan. The total amount the farm co-op paid w
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
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Units and Measurements
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Frank, a purchasing manager for a farm co-op, negotiated a deal for some equipment. The farm co-op took out a loan of $17,000.00, with a $3,000.00 payment due at signing (assume all of this payment applies towards the loan amount). The remaining will be paid off with quarterly payments for the next 4 years. If the negotiated interest rate on the debt is 9.9% compounded quarterly. What will the farm co-op's payment be? (Round all answers to 2 decimal places.)
Assuming all of the payments were on time and the farm co-op did not prepay on the loan.
The total amount the farm co-op paid was $
As the interest rate is compounded quarterly:
Now the principle amount will be: $ 17000 - $3000 = $ 14000.
Time = 4 years, 9.9 compounded quarterly
Find the interest, which is compounded quarterly:
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