Question: 1. How much will my annual payments be on a $15,000 loan at 12% interest to be paid off in 4 years?
2. How much will my monthly payments be on a $15,000 loan at 12% interest to be paid off in 4 years?
3. How much will it take me to save $13,816.45 if I make annual payments of $1,000 at 7%?
4. Which of the following provides the greatest effective annual interest rate?
a. 9% compounded annually?
b. 8.5% compounded quarterly?
c. 8% compounded monthly?
d. 7.5% compounded daily?  Edit

Answer: 1. M = P(1+r)^n *r / [(1+r)^n-1]
p= 15000 , r = 0.12 , n = 4

annual payments = 15000*(1 + 0.12)^4*0.12/[(1+0.12)^4 - 1]
= $ 4938.52 (Ans.)  Edit