A successful businessman is selling one of his fast food franchises to a close friend. He…

A successful businessman is selling one of his fast food
franchises to a close friend. He is selling the business today for
$2,147,800.00. However, his friend is short on capital and would
like to delay payment on the business. After negotiation, they
agree to delay 5.00 years before the first payment. At that point,
the friend will make quarterly payments for 14.00 years. The deal
calls for a 8.48% APR “loan” rate with quarterly compounding. What
quarterly payment will the friend make on the loan?

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