What would you expect the impact of varying terms
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What would you expect the impact of varying terms (years needed to pay off the loan) and rates to be using TVM rules?
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Take the formula of the future value of a sum of money invested for t years with the interest credited and re-invested at the end of each year for example:
FV = PV*(1+i)^t
where FV = future value
PV = present value
i = interest rate
t = years
Firstly, we can see that an increase in either i ...
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