January 2014
Intermediate to advanced
144 pages
4h 2m
English
Content preview from Mathematical Formulas for Industrial and Mechanical Engineering
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r: interest rate
rE: effective interest rate
rN: nominal interest rate
PMT: periodic payment
FV: future value
PV: present value
CF: cash flow
J: the jth period
T: terminal or last period
7.1 Percentage
Percent mea ns “out of one hundred.” To change a percent to decimal, drop the
% sign, and divide by 100. This is equivalent to moving the decimal point two
places to the left. Example: 45%, 76.25%.
7.2 The Number of Payments
N 5
2logð1 2 rFV=PMT Þ
logð1 1 rÞ
7.3 Convert Interest Rate Compounding Bases
r
2
5 11
r
1
n
2
n
1
=n
2
2 1
"#
n
2
where r
1
is original interest rate with compounding frequency n
1
and r
2
is the stated
interest rate with compounding frequency n
2
.
7.4 Effective ...
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