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It's a present value calculation, the PV of 130 bi-weekly payments of $171.00 with an annual rate of 7.18%. The PV of that is $18,655.86, then you add your $5,000 to get "today's dollars".
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Hi lowside67,
Can I find any tool that would do the present value calculation for me? I am curious how your PV value was derived. I cannot get it no matter what I use (bi-weekly payment or the interest rate). Would greatly appreciate to hear your input.
Thanks,
Rucus