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The Skipped Payment series can be used to calculate mortgages or loans that
require one or more payments to be skipped for a set number of payments. A
skipped payment series involving 8 payments with 1 payment skipped for every
2 payments made is as follows:
$100 $100 $0 $100 $100 $0 $100 $100
payment payment skip payment payment skip payment payment
Skipped Payment - EXAMPLE |
Pickford Auto Sales leases a $35,000.00 car to M.D. Enterprises Ltd. on March 7, 2011. The 36 month lease calls for the January, February and March Payments to be skipped each year. The annual interest rate is 15.25% compounded monthly. The first payment is due on April 1, 2011. |
Solve The Payment amount.
Once you enter in all the known data from the example,
Press
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The monthly payment is $1,590.08 |
