Solve the following problem. PV=$22,253; n=94; i=0.026; PMT=?;

PMT=$ (Round to two decimal places.)

What class is this for

Step-by-step explanation:

Bc I might know this

c

step-by-step explanation: easy math

yes, gavin is right.

step-by-step explanation:

gavin is correct. 

this problem is about converting 9% per year to how many percent per quarter. the rate is still the same. it only differed in the time period. so, through dimensional analysis,

9% per year  × (1 year / 4 quarters) = 2.25% per quarter

if he was asked to convert 9% per year to how many percent per quarter  compounded quarterly, then you will not simply divide by four. this is because compounding is not linear.

hope this , have a good day. c;