Question: try to use ba ii plus calculator and for a) Use the present value formula for an ordinary simple annuity and rearrange the terms to

try to use ba ii plus calculator and for a) Use the present value formula for an ordinary simple annuity and rearrange the terms to find the periodic payment.

An auto repair shop borrowed $12,000 to be repaid by monthly payments over 7 years. Interest on the loan is 3% compounded monthly. (a) What is the size of the periodic payment? (b) What is the outstanding principal after payment 14? (c) What is the interest paid on payment 15? (d) How much principal is repaid in payment 15 ? (a) The size of the periodic payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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