We are negotiating a loan with a bank. The loan would be paid out in three tranches of SEK 5 M. each, to be paid today, in six months from today and in one year from today. What would be the present value of these payment, if we discount all cash-flows at the rate of 6% - expressed, as usual, in yearly terms, with yearly capitalisation?

Suppose that we plan to repay the loan by making twelve quarterly payments of the constant amount of SEK P to be determined; the first payment would be due in 18 months from today. At which level should we expect P to be set?