# You need to borrow \$55,000 for a new car. The annual interest rate is 4%, compounded quarterly. You will be making quarterly payments for three years.  What is your quarterly payment?  How much will you owe on the loan after you make the first payment?

For a brand new vehicle, you will need \$55,000 in credit. Annual interest rate

The quarterly payment for a \$55,000 loan is \$1,364.95. This interest rate compounded quarterly at 4% would be \$1,364.95. The remaining amount will remain after the initial payment. It is \$53,635.05.

The formula for calculating monthly payments is: P = (L*i)/[(1-(1+i)^-n)] where P is total payment; L is loan amount; i is interest rate per period & n is number of periods. Here, the total amount is 1,364.95.

However, having an effective strategy will allow entities to better manage their money while still reaching desired outcomes regardless how complicated their situation may be.

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