Homework Answers
7. PV = 0, PMT = 5100, N = 25, rate = 10.30%
use FV function in Excel
value after 25 years = 524,761.56
now repalce n with 50 and recalculate FV
value after 50 years = 6,611,012.13
8. rate = 7.30%, PV = 0, FV = 66,000, N = 13
use PMT fucntion in Excel
annual payents = 3,213.77
9. PV = 58,000, FV = 0, N = 7.5%, N = 5
use PMT function in Excel
annual loan payment = 14,335.55
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