Using technology, determine the quarterly payment on a 4 year loan of $16,231 at 5.1% compounded quarterly. round your answer to the nearest cent.

Pmt=pv ÷ [(1-(1+r/k)^(-kn))÷(r/k)]
pv 16231
r interest rate 0.051
k compounded quarterly 4
n time 4 years

pmt=16,231÷((1−(1+0.051÷4)^(−4×4))÷(0.051÷4))=1,127.86

The formula for finding quarterly payment  value is:
, where l - loan amount, i - interest rate, n - number of payments.

so in this case, l = 16231, i = 5.1 / 100 = 0.051, n = 4 * 4 = 16 (4 quarters per year for 4 years).

now, we have everything needed to calculate the present value:


so the correct answer is  $680.53.