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Annuity with missing payments during summer

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You went into your local credit union to secure a loan. You needed $15,000 and since you just started teaching, you did not want payments during the summer months. Your loan will be $15,000 paid over two years starting in January omitting the months of June, July and August each year of the loan . What will be the monthly payments if the loan rate is 6% per year?

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An amortization table is created for your in Excel showing the analysis. ...

Solution provided by:
Carol Sargent, PhD
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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