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Answer to Question #55329 in Other Economics for Antornette Love

Question #55329
Lets say that you borrow 1200 at 8% annual interest rate, compounded quartly, and plan to pay back the loan and interest together at the end of the third year. The sum to be paid can be determined from:

a. F=1200(F/P,8%,3)
b. F=1200(F/P,2%,3)
C. F=1200(F/P,8%,12)
Expert's answer
If you borrow 1200 at 8% annual interest rate, compounded quarterly, for 3 years, then the sum to be paid can be determined from F=1200(F/P,8%,3).
So, the right answer is a. F=1200(F/P,8%,3).

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