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5.* Formula 20,000 = PMT[1 – 1 / 1.006666748] / .0066667 PMT = 488.26 Note if you do not round the monthly rate and actually use 8/12, then the payment will be 448.30 5.* You ran a little short on your spring break vacation, so you put $1000 on your credit card. You can only afford to make the minimum payment of $20 per month. The interest rate on the credit card is 1.5 percent per month. How long will you need to pay off the $1,000. This is an excellent opportunity to talk about credit card debt and the problems that can develop if it is not handled properly. Many students don’t understand how it works and it is never discussed. This is something that students can take away from the class, even if they aren’t finance majors. 1000 = 20(1 – 1/1.015t) / .015 .75 = 1 – 1 / 1.015t 1 / 1.015t = .25 1 / .25 = 1.015t t = ln(1/.25) / ln(1.015) = 93.111 months = 7.75 years 5.* Q1: 35(12) = 420 N; 1,000,000 FV; 1 I/Y; CPT PMT = 155.50 1,000,000 = C (1.01420 – 1) / .01 C = 155.50 Q2: Set calculator to annuity due and use the same inputs as above. CPT PMT = 153.96 1,000,000 = C[(1.01420 – 1) / .01] ( 1.01) C = 153.96 Q3: PV = 1.50 / .03 = $50 5.* Remind students that rates are quoted on an annual basis. The given numbers are APRs, not daily or semiannual rates. Calculator: 2nd I conv 5.25 NOM up arrow 365 C/Y up arrow CPT EFF = 5.39% 5.3 NOM up arrow 2 C/Y up arrow CPT EFF = 5.37% 5.* It is important to point out that the daily rate is NOT .014, it is .014383562 5.* On the calculator: 2nd I conv down arrow 12 EFF down arrow 12 C/Y down arrow CPT NOM 5.* The reason that the loan balance does not decline to exactly zero is because of the rounding of the interest payments. Technically, the last payment would be 1509.61 so that the loan balance would be zero after the last payment. This is a common issue. Finding the Rate 1 P/YR, 60 N, 10000 PV, -207.58 PMT I/YR? ? 0.75% per month 0.75% * 12 = 9.0% annually 12 P/YR, 60 N, 10000 PV, -207.58 PMT I/YR? ? 9.0% per year
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