Chuck borrowed $3,500 to consolidate his debts. Since Chuck had an excellent credit rating, he was able to borrow at a 12% effective annual rate. Charles is required to make quarterly payments. Charles will make equal payments for the next 3 years. What is his quarterly payment? (Be careful of rounding errors)

Answer rating: 100% (QA)

To calculate Chucks quarterly payment you can use the formula for the present value of an a... View the full answer