Two equal payments, 50 days and 150 days after the date of the loan, paid off a $3000 loan at 8.25%. What was the amount of each payment?

Equal Payments

Regular payments of the same amount over a specified period, typically used in installment plans or loans.

Paid Off

A term indicating that a debt or obligation has been fully settled and no amount remains due.

Master the calculation of payments essential for amortizing a specified debt within a fixed period, under established interest rates.

Verified Answer

Final Answer :

$1,533.72

Learning Objectives

Master the calculation of payments essential for amortizing a specified debt within a fixed period, under established interest rates.