Question

11. (5 points) The amount of principal repaid in the 5th level annual payment of a 15 year loan at 7% is $187. What is the or
0 0
Add a comment Improve this question Transcribed image text
Answer #1
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
Add a comment
Know the answer?
Add Answer to:
11. (5 points) The amount of principal repaid in the 5th level annual payment of a 15 year loan at 7% is $187. What...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT