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loan amount = 17500
present value of annuity = payment per period * [ 1 - (1+i)^-n ]/i
=>
monthly payment *[1-(1+10.4%/12)^-39]/10.4%/12 = 17500
=>
monthly payment = 530.74
remaining balance = PV of remaining paymens
= 530.74 * [1-(1+10.4%/12)^-28]/10.4%/12
= 13144.78
Solution
loan amount = 17500
present value of annuity = payment per period * [ 1 - (1+i)^-n ]/i
=>
monthly payment *[1-(1+10.4%/12)^-39]/10.4%/12 = 17500
=>
monthly payment = 530.74
remaining balance = PV of remaining paymens
= 530.74 * [1-(1+10.4%/12)^-28]/10.4%/12
= 13144.78

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loan amount = 17500present value of annuity = payment per period .pdf

  • 1. loan amount = 17500 present value of annuity = payment per period * [ 1 - (1+i)^-n ]/i => monthly payment *[1-(1+10.4%/12)^-39]/10.4%/12 = 17500 => monthly payment = 530.74 remaining balance = PV of remaining paymens = 530.74 * [1-(1+10.4%/12)^-28]/10.4%/12 = 13144.78 Solution loan amount = 17500 present value of annuity = payment per period * [ 1 - (1+i)^-n ]/i => monthly payment *[1-(1+10.4%/12)^-39]/10.4%/12 = 17500 => monthly payment = 530.74 remaining balance = PV of remaining paymens = 530.74 * [1-(1+10.4%/12)^-28]/10.4%/12 = 13144.78