## Answers

Annual Interest rate: 3% | |||||

Monthly Interest rate: (3/12) = 0.25% | |||||

Month | Payments | PVf at 0.25% | Present value | ||

6 | 7000 | 0.98513 | 6895.913 | ||

7 | 7000 | 0.982674 | 6878.716 | ||

8 | 7000 | 0.980223 | 6861.562 | ||

9 | 7000 | 0.977779 | 6844.451 | ||

10 | 7000 | 0.97534 | 6827.382 | ||

11 | 7000 | 0.972908 | 6810.356 | ||

12 | 7000 | 0.970482 | 6793.373 | ||

13 | 7000 | 0.968062 | 6776.432 | ||

14 | 7000 | 0.965648 | 6759.533 | ||

15 | 7000 | 0.963239 | 6742.676 | ||

16 | 7000 | 0.960837 | 6725.862 | ||

17 | 7000 | 0.958441 | 6709.089 | ||

Present value f payment made | 81625.35 | ||||

Amount required today: $ 81625.35 | |||||

Note: | |||||

PVF os computed as under: | |||||

PVF for 6th mo;nth = 1 / (1.0025)^6 = 0.98513 | |||||

PVF for 7th month = 1/ (1.0025)^7 = 0.982674 | |||||

and so on. | |||||

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