Homework Answers
Present value of annuity = Annuity * [ 1 - ( 1 + semiannual rate )^- no of periods ] / semiannual rate
1730 = Annuity * [ 1 - ( 1 + 0.0975/2^2*4 ] / 0.0975/2
1730 = Annuity *6.4960
Annuity = 266.32
| Payment Number | Amount of Payment (a) | Interest for Period | Portion to principal | Principal at the end of period |
| 0 | 0 | 0 | 0 | 1730 |
| 1 | 266.32 | 84.3375 | 181.9825 | 1548.0175 |
| 2 | 266.32 | 75.46585313 | 190.8541469 | 1357.163353 |
| 3 | 266.32 | 66.16171346 | 200.1582865 | 1157.005067 |
| 4 | 266.32 | 56.403997 | 209.916003 | 947.0890636 |
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