Question

QUESTION 1

Answer 1

Question 1
Pv=pmt [(1-(1+I)^(-n))÷I]
Pv=256×((1−(1+0.021)^(−29))÷(0.021))
pv=5,518.198

Question 2
PMT=pv÷[(1-(1+I)^(-n))÷I]
PMT=19,621÷((1−(1+0.023)^(
−77))÷(0.023))
=546.09

Question 3
N=log ((1-((pv×I)÷pmt))^(-1))÷log (1+I)
N=log((1−(14,000×0.015)
÷450)^(−1))÷log(1+0.015)
=42.22years