Find the payment necessary to amortize the loan. Do not round until the final answer. Then, round to the nearest cent.

$13,100; 12% compounded monthly; 48 monthly payments.

A
$339.48

B
$345.22

C
$344.97

D
$1,578.85

Question

Find the payment necessary to amortize the loan. Do not round until the final answer. Then, round to the nearest cent.

$13,100; 12% compounded monthly; 48 monthly payments.

A
$339.48

B
$345.22

C
$344.97

D
$1,578.85

anonymous · Answer

would help if you wrote the formula 
the one i know looks like 
$$PMT=\frac{P\times \frac{r}{12}}{1-(1+\frac{r}{12})^{-12y}}$$

anonymous · Answer

replace r by $.12$ and y by $4$ and compute

anonymous · Answer

http://www.wolframalpha.com/input/?i=13100*.12%2F12%2F%281-%281%2B.12%2F12%29^%28-12*4%29%29 looks like $344.97