Yolanda asks for a loan of $ 700 thousand over a 20-year term, with an annual interest rate of 7.5%, payments to amortize the loan will be bi-weekly. Determine the payment to be made.
Do the following:
On your last pay stub, determine the amount that goes to your AFORE.
That amount UDICELA, that is, express it in UDIs of the date of your payment stub. The value of the UDI is found on www.banxico.org (this mechanism is called "Udizar").
Determine the amount accumulated in UDIs of your monthly contributions at a real interest rate of 1.5% effective annually for n periods, considering n as the number of months missing for your withdrawal; That is, the difference between 65 minus the age of you multiplies it by 12 (example: if you are 33 years old, then you lack 65 - 33 = 32 years to retire, corresponding n = 32 X 12 = 384 months).
Check the balance of your individual account at December 31, 2008, UDICELA and calculate the accumulated amount of that amount during the period that you need to retire at the same interest rate as in item c).
Add the amount of c) and d) and that will be the amount accumulated for your retirement. Based on that figure, the retirement pension is calculated.
Calculate the monthly pension amount in UDIs (ie, the monthly rent) that you will receive if we consider that you will live 20 years longer. For this use an interest rate of 3 percent effective annually
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