Calculate the periodic payment for the following ordinary annuity.

Periodic Payment

Payments that are made regularly at set intervals, such as monthly or annually, often seen in loans and annuities.

Ordinary Annuity

A pattern of comparable payouts at the conclusion of adjacent periods within a set term.

Leverage the principles of the time value of money for the valuation of bonds and annuities.

Verified Answer

Final Answer :

$3,000.00

Learning Objectives

Leverage the principles of the time value of money for the valuation of bonds and annuities.