Answer:
$444
Explanation:
Hi, I have attached the full question as an image below.
The period payment is the installment amount required to be paid on the loan. Installments are made after different periods for different loans in a year. Some instalments may be paid once or twice during the year. These instalments comprise the interest charge and the repayment of the principle until the loan matures (the future value becomes $0).
So given the data as :
Principal (PV) = $30,000
Interest (I/YR) = 4 %
Period per year (P/YR) = 6
Total Periods (N) = 15 × 6 = 90
Future Value (FV) = $ 0
Payment (PMT) = ?
Inputting the data in a financial calculator as : (PV) = $30,000, (I/YR) = 4 %, (P/YR) = 6, (N) = 15 × 6 = 90 and (FV) = $ 0 we can solve PMT as $444
Conclusion ;
Periodic payment R required to amortize a loan is $444
