-3043.88
-3034.88
-3408.48
-3304.88
Answer is Right!
Answer is Wrong!
The correct answer is A. -3043.88.
The Financial.Pmt function calculates the periodic payment for a loan based on the loan amount, interest rate, and number of payments. In this case, the loan amount is 9000, the interest rate is 0.05, and the number of payments is 3. The formula for the Financial.Pmt function is:
PMT(rate, nper, pv, [fv], [type])
where:
- rate is the interest rate per period, expressed as a decimal
- nper is the number of payments
- pv is the present value of the loan
- fv is the future value of the loan (optional)
- type is the type of payment (0 for end of period, 1 for beginning of period)
In this case, the future value is 0, so the formula becomes:
PMT(0.05, 3, 9000)
This gives a value of -3043.88. This means that a payment of $3043.88 must be made at the end of each period in order to pay off the loan in 3 years.
The other options are incorrect because they do not represent the correct value for the Financial.Pmt function.