Find the payment necessary to amortize a 12% loan of $1700 compounded quarterly, with 8 quarterly payments.

Joe secured a loan of $10,000 three years ago from a bank for use toward his college expenses. The bank charges interest at the rate of 3%/year compounded monthly on his loan. Now that he has graduated from college, Joe wishes to repay the loan by amortizing it through monthly payments over 13 years at the same interest rate. Find the size of the monthly payments he will be required to make.

For each of the above loan term options, calculate the equivalent simple annual interest rate.

The payment necessary to amortize a 4.4% loan of $95,000 compounded annually, with 4 annual payments is ​$26,418.72. The total of the payments is ​$105,674.88 with a total interest payment of ​$10,674.88. The borrower made larger payments of $27,000.00. Calculate​ (a) the time needed to pay off the​ loan, (b) the total amount of the​ payments, and​ (c) the amount of interest saved.