C = Annual payment = $187 + i | |
PPMT | 187 |
Rate | 7% |
Period | 15 |
ppmt = c + (c * ((1 + r)^(per-1) - 1) / r + pv * (1 + r)^(per-1)) * r | |
187 = (187 + i ) + ((187 + i)*(1+7%)^(5-1)-1))/7% + PV x (1+ 7%)^(5-1) x 7% | |
By solving this equation | |
PV = | 3585 |
To check | |
PV = | 3585 |
Rate | 7% |
Period | 15 |
Per | 5 |
PPMT(7%,5,15,-3585) | $187.00 |
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