PV | | + i |
| DAYS |
|
|
|
|
|
|
|
| |
1 | ⋅ |
| | = |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||||||
| |
|
| 30 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| | − (1 + | i) | −N |
| ||
− (1 + i ⋅ S) | ⋅ PMT | ⋅ | | 1 |
| | − FV (1 + i)−N | ||||||
| i |
|
| ||||||||||
|
|
|
|
|
|
| |
|
| |
| ||
Where: PV = loan amount
i = periodic interest rate as a decimal
DAYS = actual number of days until the first payment PMT = periodic payment amount
N = total number of payments FV = balloon payment amount
S = 1 if DAYS < 30 S = 0 if DAYS ≥ 30
Advance Payments
PMT = |
|
| − PV | − FV (1 + i)−N | ||
| − (1 + i) | − (N − # ADV ) | | |||
| | 1 |
| + | # ADV | |
|
| i |
| |||
| |
|
| | ||
where: PMT = payment amount PV = loan amount
FV = balloon payment amount
i = periodic interest rate (as a decimal) N = total number of payments
#ADV = number of payments made in advance
Modified Internal Rate of Return
MIRR = 100 | | NFVP | 1 n | | |
| | − 1 | |||
− NPV | |||||
| |
| | ||
| | N | | ||
where: n = total number of compounding periods NFVP = net future value of positive cash flows NPVN = net present value of negative cash flows
| B: More About Calculations 253 |
File name : | Print data : 2003/7/11 |