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2. A person obtains a loan for $85,000 to be paid in 3 years, with an annual interest rate of 24% capitalized every two months. Prepare the amortization table.

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Answer to a math question 2. A person obtains a loan for $85,000 to be paid in 3 years, with an annual interest rate of 24% capitalized every two months. Prepare the amortization table.

Expert avatar
Neal
4.5
105 Answers
i = \frac{0.24}{6} = 0.04
n = 3 \times 6 = 18
PMT = \frac{85000 \cdot 0.04}{1 - (1 + 0.04)^{-18}}
PMT = \frac{3400}{1 - (1.04)^{-18}}
PMT = \frac{3400}{1 - 0.512562}
PMT = \frac{3400}{0.487438}
PMT \approx 6974.91
\text{Answer: } 6974.91

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