Homework Answers
PV = 9825
Nper = 6
Rate = 10.5%
FV = 0
Annual payment can be calculated by using the following excel
formula:
=PMT(rate,nper,pv,fv)
=PMT(10.5%,6,-9825,0)
= $2,289.0469
Actual loan amount = $9,825 - 230 = $9,595
PV = 9595
Nper = 6
PMT = 2289.0469
FV = 0
APR can be calculated by using the following excel
formula:
=RATE(nper,pmt,pv,fv)
=RATE(6,-2289.0496,9595,0)
= 11.32%
APR = 11.3% (Rounded to nearest tenth
percent)
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