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New Body, a gym, bought new exercise equipment on credit. The purchase price was $10,438.88....

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Question

Accounting

New Body, a gym, bought new exercise equipment on credit. The purchase price was $10,438.88. They secure the loan with a financing company that charges 6.25% per year compounded quarterly for 6 years. How much are their quarterly payments?

Present Value with compound interest

Future V alue of an Annuity

Present V alue of an Annuity

Amortization

Sinking Fund

a. $578.41

b. $524.94 c. $503.78 d. $612.94 e. $486.78

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