Homework Answers
It is assumed that the payments are based on compound interest. Then the due scheduled payment + accrued interest has to be equal to the sum of the present values of the 3 replacement payments.
| Formula | Due date | Scheduled | |||
| Days (d) | -37 | 0 | 37 | 60 | |
| Payment (P) | 2,200 | 747.38 | 747.38 | 747.38 | |
| Rate p.a (r1) | 10% | ||||
| r1/365 | Rate p. day (r2) | 0.03% | |||
| P*(1+r2)^-d | PV of due payment today (P1) | 2,222.41 | |||
| P/(1+r2)^d | PV of scheduled payments (P2) | 747.38 | 739.84 | 735.19 | |
PI + P2 = 0; Solve for scheduled equal payment (using solver), to get the payment as 747.38
Equation will be:
2,200*(1+0.03%)^37 - x/(1+0.03%) - x/(1+0.03%)^37 - x/(1+0.03%) ^60 = 0
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