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12 July, 03:02

Hayley makes annual end-of-year payments of $6,260.96 on a five-year loan with an 8 percent interest rate. the original principal amount was

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  1. 12 July, 04:50
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    The formula of the present value (principle) of annuity ordinary is

    Pv=pmt [ (1 - (1+r) ^ (-n)) : r]

    Pv present value (principle) ?

    PMT payment per year 6260.96

    R interest rate 0.08

    N time 5years

    Pv=6,260.96 * ((1 - (1+0.08) ^ (-5)) : (0.08))

    pv=24,998.20
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