A debt is to be paid with 24 equal quarterly installments and an interest rate of 36% NM. If once the 15th installment is paid, a request is made to refinance the balance existing at that time to pay it with 12 equal monthly installments at the same interest rate, if it is known that the value of the new installments is $ 680.000. Find the value of the initial loan, what was the balance to be financed? Please make it step by step and understandable, if you can do the process in excel it would be phenomenal. The topic we are working on is annuities.

A debt is to be paid with 24 equal quarterly installments and an interest rate of 36% NM. If once the 15th installment is paid, a request is made to refinance the balance existing at that time to pay it with 12 equal monthly installments at the same interest rate, if it is known that the value of the new installments is $ 680.000. Find the value of the initial loan, what was the balance to be financed? Please make it step by step and understandable, if you can do the process in excel it would be phenomenal. The topic we are working on is annuities.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 19P

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