loan amount: 12,000,000.00
rate: 44% effective annually
term: 48 monthly payments
extra payments: 16 quarterly payments of 400,000.00
Calculate the required monthly payment.
Answer from textbook is 353,137.09
I know there it two annuities in this problem.
Which i could use, present value or future value?
and what ihave to do with annuity of $400,000
Is correct if i take 0 as reference point and i move all annuities to this point?
rate: 44% effective annually
term: 48 monthly payments
extra payments: 16 quarterly payments of 400,000.00
Calculate the required monthly payment.
Answer from textbook is 353,137.09
I know there it two annuities in this problem.
Which i could use, present value or future value?
and what ihave to do with annuity of $400,000
Is correct if i take 0 as reference point and i move all annuities to this point?
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