You want to lease a set of golf clubs from PGX Ltd. The lease contract is in
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You want to lease a set of golf clubs from PGX Ltd. The lease contract is in the form of 24 equal monthly payments at an APR of 8.6 percent, compounded monthly. Because the clubs cost $4,600 retail, the company wants the present value of the lease payments to equal $4,600 and your first payment is due immediately. What will your monthly lease payments be?
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The time line is The monthly interest rate is the annual interest rate divided ...View the full answer
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Related Book For 
Corporate Finance Core Principles And Applications
ISBN: 9781260571127
6th Edition
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford Jordan
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