PV 1 + i | ⋅ | DAYS | | = | |
30 | |||||
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| |
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− (1
Where:
+ i ⋅ S) ⋅ PMT ⋅ | 1 | − (1 | + i)−N | | − FV (1 + i)−N |
| i |
| |||
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| |
|
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 | − | (1 | + i)− (N − # ADV ) | | ||||
| ||||||||
| |
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| + | # ADV | |
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|
|
|
| ||||
| |
|
| 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
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