Exercies 7: Reem took out a 20-year lon of 200,000 that she will pay off with...

  

Transcribed Image Text:

Exercies 7: Reem took out a 20-year lon of 200,000 that she will pay off with quarterly payments. With the 40th payment, she will add an extra 20,000. She will make level quarterly payment of X, starting from 3-months from the original loan date. Reem will pay off the loan exactly with the last full payment of X. Calculate X at an interest rate of 8% convertible quarterly. Exercies 7: Reem took out a 20-year lon of 200,000 that she will pay off with quarterly payments. With the 40th payment, she will add an extra 20,000. She will make level quarterly payment of X, starting from 3-months from the original loan date. Reem will pay off the loan exactly with the last full payment of X. Calculate X at an interest rate of 8% convertible quarterly.

Answer rating: 100% (QA)

To calculate the level quarterly payment we need to consider the interest rate and the loan amount F... View the full answer