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We are asked to find the present value of a {loan}. We do this using simple interest. Therefore we will use the equation

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$\\displaystyle P=\\frac{S}{(1+rt)}$,

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where $P$ is the present value, $S$ is the future value (the face value, or the value at maturity), $r$ is the interest rate (or the yield) per annum and $t$ is the time in years.

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In our situation we have,

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$S=\\var{S}$,

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$r=\\var{ipa}\\%=\\var{ipadec}$,

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$t=\\frac{\\var{n}}{\\var{period[1]}}$,

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and therefore

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$\\$\\,\$[[0]] (to the nearest cent)

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