Homework Answers
| Weekly interest =r | |||||
| (1+r)^52=1+0.07951 | 1.07951 | ||||
| 1+r=1.07951^(1/52)= | 1.00147238 | ||||
| Weekly interest =r= | 0.00147238 | ||||
| Monthly interest (assuming (52/12) weeks in a month) | |||||
| Monthly interest=i | |||||
| 1+i=1.001472^(52/12)= | 1.0063960 | ||||
| Monthly interest=i= | 0.0063960 | ||||
| Monthly interest=i= | 0.63960% | ||||
| Amount borrowed 4 months ago | $10,951 | ||||
| A | Current Value of the borrowed amount | $11,233.87 | 10951*(1.006396^4) | ||
| B | Payment made today | ($3,000) | |||
| Payment after 19 months | ($6,000) | ||||
| C | Present Value of payment after 19 months | ($5,315.48) | 6000/(1.006396^19) | ||
| D=A+B+C | Current Net Worth of loan after above payments | $2,918.39 | |||
| Monthly interest rate | 0.63960% | ||||
| FV=Payment made 11 months from today | |||||
| PV=Current Net worth of loan | $2,918.39 | ||||
| PV=FV/(1.006396^11)= | $2,918.39 | ||||
| FV=Payment made 11 months from today= | $3,130.41 | 2918.39*(1.006396^11) | |||
| She will pay 11 months from today | $3,130.41 | ||||
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