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: $$\begin{array} { l l l l l l }
\text { Loan } & \text { Payment } & \text { Term of } & \text { Nominal } & \text { Interest } & \text { Present Value } \
\underline{\text { Payment }} & \underline { \text { Period } } & \underline { \text { Loan } } & \underline { \text { Rate } } & \underline { \text { Compounded } } & \underline { \text { (Amount of Loan) } ) } \
& \text { every 3 months } & 9 \text { years } & 12 \% & \text { quarterly } & \$ 15,000
\end{array}$$

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: $$\begin{array} { l l l l l l } 
\text { Loan } & \text { Payment } & \text { Term of } & \text { Nominal } & \text { Interest } & \text { Present Value } \
\underline{\text { Payment }} & \underline { \text { Period } } & \underline { \text { Loan } } & \underline { \text { Rate } } & \underline { \text { Compounded } } & \underline { \text { (Amount of Loan) } ) } \
& \text { every 3 months } & 9 \text { years } & 12 \% & \text { quarterly } & \$ 15,000
\end{array}$$

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: $$\begin{array} { l l l l l l } 
\text { Loan } & \text { Payment } & \text { Term of } & \text { Nominal } & \text { Interest } & \text { Present Value } \
\underline{\text { Payment }} & \underline { \text { Period } } & \underline { \text { Loan } } & \underline { \text { Rate } } & \underline { \text { Compounded } } & \underline { \text { (Amount of Loan) } ) } \
& \text { every 3 months } & 9 \text { years } & 12 \% & \text { quarterly } & \$ 15,000
\end{array}$$

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