作业求助

linchan

Eight months ago, Louise agreed to pay Thelma $750 and $950, six and twelve
months respectively from the date of the agreement. With each payment, Louise
agreed to pay interest at the rate of 9.5% pa from the date of the agreement. Louise
# f$ e1 b* c! i) K( p6 jfailed to make the first payment and now wishes to settle her obligations with a
7 {2 D. o' ~, Y$ ^single payment four months from now. What payment should Thelma be willing to
* Z: a+ H& O1 x0 J' Z  ]& Daccept if money can earn 7.75%? （最好有过程）

littledognancy

Suppose Intr is annually compounded                                       
4 I5 N  p  v9 Z                Month 0        Mon. 8                  Mon. 12
! z9 E7 J: M  t' r* [7 H$ \% OCash Principal        X        -750                  -950       
Cash Intr (Should Pay)                -X*9.5%*8/12          -(X-750)*9.5%*4/12               
PV at mon 0        X        -[750+X*9.5%*8/12]          -[950+(X-750)*9.5%*4/12]
5 C! U4 ?2 {6 p  E# X( j                                                 /(1+7.75%*8/12)           /(1+7.75%*12/12)
7 A8 ^3 k  u' [6 ~- ^
these 3 should add up to 0, i.e. NPV at month 0 is 0.
1 w; p2 F, z& @$ U                                       
Conclusion        X        =        1729.8               
+ `( x, R4 d+ F! ?                                       
7 ~) p5 O- Q+ q- W: g, L& dSo, Initial borrowing was        1730        *(1+7.5%)        1859.5        approx.         $1,860
2 I0 @0 J- |& c' F  ~( l' G' t" U

littledognancy

Finance 学得不好所以不知道做得对不对。。。看着办吧~ 也许有用。

linchan

对了，答案是$1856.32