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Brian took eight years to pay off his $71,900 loan. The loan had an interest rate of 8.16%, compounded quarterly. If Brian paid quarterly and made the same payment every time, how much was each payment that he made? a. $2,342.66 b. $3,081.54 c. $1,022.28 d. $1,466.76 Please select the best answer from the choices provided A B C D

Respuesta :

francocanacari

Brian paid $ 4287.79 every quarter.

Given that Brian took eight years to pay off his $ 71,900 loan, and the loan had an interest rate of 8.16%, compounded quarterly, to determine, if Brian paid quarterly and made the same payment every time, how much was each payment that he made, the following calculation must be performed:

  • (71900 x (1 + 0.0816 / 4) ^ 4x8) / (8 x 4) = X
  • (71900 x 1.0204 ^ 32) / 32 = X
  • (71900 x 1.9083) / 32 = X
  • 137209.2177 / 32 = X
  • 4287.79 = X

Therefore, Brian paid $ 4287.79 every quarter.

Learn more about maths in https://brainly.com/question/18673356

Answer:

3081.54

Explanation:

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