Engineering Economics
Hi there, I'm in my degree now and am taking eng. economics in thhis semester. There is one matter that puzzles me. It's about finding the present worth from monthly payment with interest rate compunded quarterly.
Given the monthly payment for a land loan is 1110. The bank charge 6% interest compunded quarterly for 30 years. What is the price of the land?
So is my idea correct if I first convert 6% to the effective annual rate which it will be 6.14%. Then, dividing it by 12, with the period of 360 (30 x 12)? .The equation will be P=1110(P/A, 0.51%,360).
Thanks in advance
Given the monthly payment for a land loan is 1110. The bank charge 6% interest compunded quarterly for 30 years. What is the price of the land?
So is my idea correct if I first convert 6% to the effective annual rate which it will be 6.14%. Then, dividing it by 12, with the period of 360 (30 x 12)? .The equation will be P=1110(P/A, 0.51%,360).
Thanks in advance
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