Miss Sun Tzi obtained a level principal and interest on the balance loan of $7,265,989. The nominal rate of interest i...
Homework Answers
Nominal interest rate = 0.9%.
Daily interest rate = 0.9%/365.
Number of payments = number of years * 365 = 5 * 365 = 1825.
Interest expense of 16th period is calculated using IPMT function in Excel :
rate = 0.9%/365. (daily interest rate)
per = 16 (we are calculating the interest payment of the 16th period)
nper = 1825 (total number of payments over loan period)
pv = 7265989 (loan amount)
IMPT is calculated to be $177.72
The interest expense associated with the 16th period is $177.72.
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Miss Sun Tzi obtained a level principal and interest on the balance loan of $7,265,989. The nominal rate of interest i...
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Enginering Economy:
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