Answer:
A = $769.83
Step-by-step explanation:
Given data:
Principle = $16,500
rate of interest = 3.6%
Number of year = 6 year
period quarterly
Payment to be amortized can be determined by using following relation
[tex]A = P[\frac{r(1+r)^n}{(1+r)^n -1}][/tex]
r is rate of interest per period is 3.6%\4 = 0.009
[tex]n = 6\times 4 = 24 period[/tex]
[tex]A = 16500[\frac{0.009(1+0.009)^{24}}{(1+0.009)^{24} -1}][/tex]
[tex]A =16500[\frac{0.01159134}{0.239903796}][/tex]
A = $769.83
