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Trying to help a friend out with Finance HW..
Posted on 8/3/21 at 6:07 pm
Posted on 8/3/21 at 6:07 pm
Already told them I'd just post the question somewhere like Reddit but the Finance subreddit doesn't allow HW questions. I should know this shite but frick it's Tuesday and I'm beat from work and I just don't give a damn. Didn't want to just ignore the voicemail I got... then felt stupid that I couldn't help.
Assume a bank loan requires an interest payment of $85 per year and a principle payment of $1000 at the end of the loan's eight year life. What would be the present value of the loan if the interest rate is 8%?
Assume a bank loan requires an interest payment of $85 per year and a principle payment of $1000 at the end of the loan's eight year life. What would be the present value of the loan if the interest rate is 8%?
This post was edited on 8/3/21 at 6:18 pm
3
Posted on 8/3/21 at 6:09 pm to SCgamecock2988
Does he know how to use Google?
Probably the most valuable thing he could learn.
Probably the most valuable thing he could learn.
Posted on 8/3/21 at 6:13 pm to SCgamecock2988
I believe it’s $1,026.03 if the payments are at the end of the year and $1,028.73 if they’re at the beginning of the year.
Based on the wording, I assume it’s the former.
Based on the wording, I assume it’s the former.
Posted on 8/3/21 at 6:15 pm to slackster
Posted on 8/4/21 at 6:52 am to SCgamecock2988
There’s financial math calculators that can solve this. Please tell me he’s an UG and not MBA…
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