What amount

What amount of money will be required to repay a loan of $30000 on June 1, 2008? If the loan was made on September 1, 2001, at the interest rate of 14% compounded quarterly.

Correct answer:

x =  1111.1111 USD

Step-by-step explanation:

$$\begin{gathered} a=30000 \\ r=14\%=\frac{14}{100}=\frac{7}{50}=0.14 \\ n=(2008-2001)\cdot 4-1=27 \\ x=a/n=30000/27=1111.1111\text{USD} \end{gathered}$$

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