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Bill Mitselfik borrowed $10,000 to be repaid in quarterly installments over the next five years. The interest rate he is being charged is 12% per year compounded quarterly. What is his quarterly payment

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jayilych4real

The quarterly payment which Bill Mitselfik needs to make based on the given values is:

  • $6,000

What are Interest Rates?

This refers to the additional charge which is given to a person who collects a loan with the aim of paying back at a given time frame.

With this in mind, we can see that to calculate the simple interest we would use the formula:

Simple Interest= (Principal x Time x Rate)/100

$10,000 x 5 x 12/100

600000/100

= $6,000

Read more about interest rates here:
https://brainly.com/question/25793394

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