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A debt must be settled in two years, through payments of 6000 dollars every two months...

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Finance

A debt must be settled in two years, through paymentsof 6000 dollars every two months overdue. The debtor agrees withhis creditor to restructure the debt liquidating the debt in 3years and a half with equal monthly payments due. Calculate thevalue of the new payments, if the The effective interest rate is13% per annum.

Answer & Explanation Solved by verified expert
4.2 Ratings (594 Votes)

Date Beginning Balance Payment Interest Principal Cumulative Principal Cumulative Interest Ending Balance
6/1/2019 $150,000 $5,054 $1,625 $3,429 $3,429 $1,625 $146,571
7/1/2019 $146,571 $5,054 $1,588 $3,466 $6,895 $3,213 $143,105
8/1/2019 $143,105 $5,054 $1,550 $3,504 $10,399 $4,763 $139,601
9/1/2019 $139,601 $5,054 $1,512 $3,542 $13,941 $6,275 $136,059
10/1/2019 $136,059 $5,054 $1,474 $3,580 $17,521 $7,749 $132,479
11/1/2019 $132,479 $5,054 $1,435 $3,619 $21,140 $9,185 $128,860
12/1/2019 $128,860 $5,054 $1,396 $3,658 $24,798 $10,581 $125,202
1/1/2020 $125,202 $5,054 $1,356 $3,698 $28,496 $11,937 $121,504
2/1/2020 $121,504 $5,054 $1,316 $3,738 $32,234 $13,253 $117,766
3/1/2020 $117,766 $5,054 $1,276 $3,778 $36,012 $14,529 $113,988
4/1/2020 $113,988 $5,054 $1,235 $3,819 $39,831 $15,764 $110,169
5/1/2020 $110,169 $5,054 $1,193 $3,861 $43,692 $16,957 $106,308
6/1/2020 $106,308 $5,054 $1,152 $3,902 $47,594 $18,109 $102,406
7/1/2020 $102,406 $5,054 $1,109 $3,945 $51,539 $19,219 $98,461
8/1/2020 $98,461 $5,054 $1,067 $3,987 $55,526 $20,285 $94,474
9/1/2020 $94,474 $5,054 $1,023 $4,031 $59,557 $21,309 $90,443
10/1/2020 $90,443 $5,054 $980 $4,074 $63,631 $22,288 $86,369
11/1/2020 $86,369 $5,054 $936 $4,118 $67,750 $23,224 $82,250
12/1/2020 $82,250 $5,054 $891 $4,163 $71,913 $24,115 $78,087
1/1/2021 $78,087 $5,054 $846 $4,208 $76,121 $24,961 $73,879
2/1/2021 $73,879 $5,054 $800 $4,254 $80,374 $25,761 $69,626
3/1/2021 $69,626 $5,054 $754 $4,300 $84,674 $26,516 $65,326
4/1/2021 $65,326 $5,054 $708 $4,346 $89,021 $27,223 $60,979
5/1/2021 $60,979 $5,054 $661 $4,393 $93,414 $27,884 $56,586
6/1/2021 $56,586 $5,054 $613 $4,441 $97,855 $28,497 $52,145
7/1/2021 $52,145 $5,054 $565 $4,489 $102,344 $29,062 $47,656
8/1/2021 $47,656 $5,054 $516 $4,538 $106,882 $29,578 $43,118
9/1/2021 $43,118 $5,054 $467 $4,587 $111,469 $30,045 $38,531
10/1/2021 $38,531 $5,054 $417 $4,637 $116,106 $30,463 $33,894
11/1/2021 $33,894 $5,054 $367 $4,687 $120,793 $30,830 $29,207
12/1/2021 $29,207 $5,054 $316 $4,738 $125,531 $31,146 $24,469
1/1/2022 $24,469 $5,054 $265 $4,789 $130,320 $31,411 $19,680
2/1/2022 $19,680 $5,054 $213 $4,841 $135,160 $31,625 $14,840
3/1/2022 $14,840 $5,054 $161 $4,893 $140,054 $31,785 $9,946
4/1/2022 $9,946 $5,054 $108 $4,946 $145,000 $31,893 $5,000
5/1/2022 $5,000 $5,054 $54 $5,000 $150,000 $31,947 $0

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Transcribed Image Text

A debt must be settled in two years, through paymentsof 6000 dollars every two months overdue. The debtor agrees withhis creditor to restructure the debt liquidating the debt in 3years and a half with equal monthly payments due. Calculate thevalue of the new payments, if the The effective interest rate is13% per annum.

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