Homework Answers
Computation of EMI at the begining of year ) = Loan Amount / ( 1 + PVAF (r%, n-1)
Loan Amount = Total COst - Down Payment
= $ 600,000 - $ 65,000
= $ 535,000
EMI = $ 535,000 / [ 1 + PVAF(0.4167%, 300-1) ]
= $ 535,000 / [ 1 + PVAF(0.4167%, 299) ]
= $ 535,000 / [ 1 + 170.7728 ]
= $ 535,000 / 171.7728
= $ 3114.58
EMI in advance = $ 3114.58
Pls comment, if any further assitance is required.
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