Use Table 12-2 from your text to calculate the amount of the periodic payment required to amortize (pay off) the loans, rounding to the nearest cent: $\begin{array}{llllll}
\text { Loan } & \text { Payment } & \text { Term of } & \text { Nominal } & \text { Interest } & \text { Present Value } \
\underline{\text { Payment }}& \underline{\text { Period }} & \underline{\text { Loan }} & \underline{\text { Rate }} & \underline{\text { Compounded }} & \underline{\text { (Amount of Loan) } }\
& \text { every month } & 8 \text { years } &15 \% & \text { annually }&\$20,000
\end{array}$

Question

Use Table 12-2 from your text to calculate the amount of the periodic payment required to amortize (pay off) the loans, rounding to the nearest cent: $\begin{array}{llllll}
\text { Loan } & \text { Payment } & \text { Term of } & \text { Nominal } & \text { Interest } & \text { Present Value } \
\underline{\text { Payment }}& \underline{\text { Period }} & \underline{\text { Loan }} & \underline{\text { Rate }} & \underline{\text { Compounded }} & \underline{\text { (Amount of Loan) } }\
& \text { every month } & 8 \text { years } &15 \% & \text { annually  }&\$20,000
\end{array}$

Quizplus · Accepted Answer

The Answer of Use Table 12-2 from your text to calculate the amount of the periodic payment required to amortize (pay off) the loans, rounding to the nearest cent: $\begin{array}{llllll}
\text { Loan } & \text { Payment } & \text { Term of } & \text { Nominal } & \text { Interest } & \text { Present Value } \
\underline{\text { Payment }}& \underline{\text { Period }} & \underline{\text { Loan }} & \underline{\text { Rate }} & \underline{\text { Compounded }} & \underline{\text { (Amount of Loan) } }\
& \text { every month } & 8 \text { years } &15 \% & \text { annually  }&\$20,000
\end{array}$

Use Table 12-2 from Your Text to Calculate the Amount