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Suppose Intr is annually compounded 8 \$ W6 {; E+ |, u( W: M- H/ F s9 O
Month 0 Mon. 8 Mon. 12* R A; I- x* b" u9 i% a0 n0 o* T
Cash Principal X -750 -950
' M/ S, T) \7 \6 ^Cash Intr (Should Pay) -X*9.5%*8/12 -(X-750)*9.5%*4/12
# {( J! K4 R; Z% dPV at mon 0 X -[750+X*9.5%*8/12] -[950+(X-750)*9.5%*4/12], r+ k0 f/ n7 r* d1 t, R7 ^. @
/(1+7.75%*8/12) /(1+7.75%*12/12)
% S* m! @% r; v6 X0 }$ G( b, u8 y& @% b7 T0 d4 d$ w
these 3 should add up to 0, i.e. NPV at month 0 is 0.9 t7 f$ V4 G2 C% X k: \
6 Y, t% F7 U# |* c
Conclusion X = 1729.8 5 D1 W* l; _% {8 g' I7 w
l/ A1 l j8 [! W0 x" ]" TSo, Initial borrowing was 1730 *(1+7.5%) 1859.5 approx. $1,860 % y f# [& C6 o- L6 q! k b
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