00:01
So, according to question, we have to find the amount remaining to be paid after the 10th month.
00:05
So, first we will write the given details.
00:08
So, it was that loan was taken of $9000, then it was taken for a total period of 8 years, then quarterly payment was of $366 .98 and the total rate was 6 .8%.
00:34
So, now we have to find the value to be paid after 10th payment.
00:44
So, first we will find the quarterly rate.
00:47
So, quarterly rate would be equal to interest rate divided by 4 as it would be divided over the quarters.
01:06
So, it is 0 .068 divided by 4, so which is equal to 0 .017, which turns out to be 1 .7%.
01:21
As we have got the quarterly rate now, we will find the number of periods remaining to be paid after the 10th payment.
01:30
So, number of periods would be equal to the number of years, that is total number of years multiplied by number of payments per year and this thing will be subtracted from 10 because we have to find the value after the 10 payments...