Congratulations!

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Posted by Paul Drummond on June 21, 2001 at 08:13:45:
In Reply to: calculator question- finally got a note! posted by Anne_ND on June 20, 2001 at 18:36:50:
Anne:
Congratulations on the acceptance of your offer to purchase this contract for deed!
Whenever there is a discrepancy in the original amount due under a contract as you've described, we always give the benefit of the doubt to the buyer. In this case we would input the following data in order to solve for N:
PV=$26,200.00
I=7.75%
PMT=$392.00
N=88
As you can see, N still calculates to be 88. However, the 88th payment is an adjusted payment.
Now you need to calculate a current balance after the buyer has made 32 payments of $400.00 each so enter the following information and solve for FV:
PV=$26,200.00
I=7.75%
PMT=$400.00
N=32
FV=$18,025.30
I'm on my way out of town this morning and will be offline until next week. I hope that the above helps you, but if you have follow-up questions maybe someone else can be of assistance.
To your success,
Paul

Follow Ups:

Re: Congratulations! syed 08:57:25 3/07/2002 (1)

Re: Congratulations! John Behle 01:09:34 3/11/2002 (0)

Thank you Anne-ND 09:34:53 6/21/2001 (2)

Re: Thank you Cian Hawkins 07:36:59 11/22/2004 (0)

Re: Thank you Helen Jones 21:01:24 8/09/2004 (0)

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