Homework Answers
Effective monthly interest rate = 2.7%/12 = 0.00225
The payment of $1,484 is due in one and a half years. That is 18 months
PV = FV/(1 + r)^n
PV = 1,484/(1 + 0.00225)^18
PV = $1,425.1636354413
The payment of $817 is due in three and a half years. That is 42 months
PV = 817/(1 + 0.00225)^42
PV = $743.4081702315
The payment of $1,429 is due in six years. That is 72 months
PV = 1,429/(1 + 0.00225)^72
PV = $1,215.5016546117
The equivalent single replacement payment = 1,425.1636354413 + 743.4081702315 + 1,215.5016546117
The equivalent single replacement payment = $3384.07346028
The equivalent single replacement payment = $3384.07
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