Given the monthly payment for a land loan is 1110. The bank charge 6% interest compunded quarterly for 30 years. What is the price of the land?
*is the concept correct if I first convert 6% to the effective annual rate which it will be 6.14%. Then, dividing it by 12, with the period of 360 (30 x 12).So, the equation will be P=1110(P/A, 0.51%,360). ?