Answer:
The payment per period is $714.82.
Step-by-step explanation:
Given information: PV=$24,122; n = 70; i = 0.024
The formula for payment per period is
[tex]PMT=\frac{PV\times i}{1-(1+i)^{-n}}[/tex]
Substitute PV=$24,122; n = 70; i = 0.024 in the above formula.
[tex]PMT=\frac{24122\times 0.024}{1-(1+0.024)^{-70}}[/tex]
[tex]PMT=\frac{578.928}{0.80989084337}[/tex]
[tex]PMT=714.822256282[/tex]
[tex]PMT\approx 714.82[/tex]
Therefore the payment per period is $714.82.
