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Suppose Intr is annually compounded + z& J( \4 ]: F3 H" k4 D
Month 0 Mon. 8 Mon. 12
5 C) } l: J) {* r7 ICash Principal X -750 -950
b0 @: R8 i$ @: K$ \Cash Intr (Should Pay) -X*9.5%*8/12 -(X-750)*9.5%*4/12 * u/ |, U! r) Y9 ^4 M0 I1 p3 c! r% O
PV at mon 0 X -[750+X*9.5%*8/12] -[950+(X-750)*9.5%*4/12]
7 }, @; M6 l; `) f' p /(1+7.75%*8/12) /(1+7.75%*12/12)2 a ^3 I- ?) s1 j
) x$ i4 C0 }2 s9 i. Nthese 3 should add up to 0, i.e. NPV at month 0 is 0.
7 f0 q5 _; E* _! q0 z, b' y
/ H. _, k5 L( D5 g$ y" m Y2 a4 B, nConclusion X = 1729.8
& ~7 o" ]/ P3 U
9 n& D' J4 V" [ u r+ `So, Initial borrowing was 1730 *(1+7.5%) 1859.5 approx. $1,860 * {# ]/ s' r6 V- ]1 n2 z' B) P1 \
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