# You borrow \$24,000 to buy a ca

You borrow \$24,000 to buy a car. The loan is to be paid off inquarterly installments over four years at 10 percent interestannually. The first payment is due one quarter from today. What isthe amount of each quarterly payment?

a) \$1,745

b) \$1,794

c) \$1,838

d) \$1,876

I need the hand-written formula, not the calculator input.

 Required quarterly payment [P×r×(1+r)^n]÷[(1+r)^n-1] Here, 1 Interest rate per annum 10.00% 2 Number of years 4 3 Number of compoundings per per annum 4 4 = 1÷3 Interest rate per period ( r) 2.50% 5 = 2×3 Number of periods (n) 16 Loan amount (P) \$                                                                                                  24,000 Required quarterly payment \$                                                                      1,838 24000*2.50%*(1+2.50%)^16)/((1+2.50%)^16-1)

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