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B: More About Calculations 253
File name : 17BII-Plus-Manual-E-PRINT-030709 Print data : 2003/7/11
Odd-Period Calculations
−
−
+× =
−+
−+× × × − +
1
30
1 (1 )
(1 ) (1 )
N
N
DAYS
PV i
i
iS PMT FV i
i
Where: PV = loan amount
i = periodic interest rate as a decimal
DAYS = actual number of days until the first payment
PMT = periodic payment amount
N = total number of payments
FV = balloon payment amount
S = 1 if DAYS < 30
S = 0 if DAYS ≥ 30
Advance Payments
( # )
(1 )
1 (1 )
#
N
NADV
PV FV i
PMT
i
ADV
i
−
−−
−− +
=
−+
+
where: PMT = payment amount
PV = loan amount
FV = balloon payment amount
i = periodic interest rate (as a decimal)
N = total number of payments
#ADV = number of payments made in advance
Modified Internal Rate of Return
1
100 1
n
P
N
NFV
MIRR
NPV
=−
−
where: n = total number of compounding periods
NFV
P
= net future value of positive cash flows
NPV
N
= net present value of negative cash flows