Homework Answers
| Total Payment for principal | $ 21,061.82 |
| Total Interest [25000-21062] | $ 3,938.18 |
Working:
Principal Amount calculation:
| Year | Amount (a) | PV Factor @ 10% (b) | Total Present Value (a*b) |
| 1 | $ 5,000.00 | 0.94340 | $ 4,716.98 |
| 2 | $ 5,000.00 | 0.89000 | $ 4,449.98 |
| 3 | $ 5,000.00 | 0.83962 | $ 4,198.10 |
| 4 | $ 5,000.00 | 0.79209 | $ 3,960.47 |
| 5 | $ 5,000.00 | 0.74726 | $ 3,736.29 |
| Present Value of Note | $ 21,061.82 |
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