Answers

2014-07-15T17:15:32+08:00
Get the annuity first using P = 600000 i = 0.12 n = 15
P=A\frac{1-(1+i) ^{-n} }{i}
A= P 88 094.54

Then get the P where A = 88 094.54 i=0.12 n=7 because of after 8 payments the remaining payments is 7
P=A \frac{1-(1+i)^{-n}}{i}
P= P 402 042.05

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