Final answer:
The total amount Ricardo would have to pay under the original loan agreement is $5551. To calculate the present value of the original payments or the renegotiated payment plan, an interest or discount rate is necessary, which has not been provided. The present value calculation would be similar to that of a bond, where future payments are discounted back to their value in the present.
Step-by-step explanation:
Loan Payment Calculation
To calculate the total amount Ricardo would have to pay if he follows the original loan agreement, we simply add the two payments together:
$3154 (after 2 years) + $2397 (after 6 years) = $5551.
So, the total amount paid would be $5551 under the original terms.
Present Value Calculation
The present value of the loan based on the original terms would depend on a given interest or discount rate. Since the question did not provide this rate, we are unable to calculate an exact figure without it.
However, the concept is that you would discount each future payment back to its present value using a formula similar to the one used for a bond.
Just as the present value of a $3000 bond, at 8%, is $3000, we would do a similar calculation for Ricardo's payments but we need the interest rate to proceed.
Renegotiated Payment Plan
If Ricardo and Enrique agreed to a new payment plan of $3000 to be paid in 3 years, again, we would need an interest or discount rate to calculate the present value of this future payment.
Note: The example provided in the reference about the two-year bond illustrates the concept of present value calculations with certain interest rates (8% and 11%).
In order to apply this to Ricardo's situation, similar formulas would be used with the appropriate rates.