Question
A lease of $7,400 had to be repaid with payments of $375 at the beginning of every month. The interest rate charged was 8.00% compounded
A lease of $7,400 had to be repaid with payments of $375 at the beginning of every month. The interest rate charged was 8.00% compounded monthly.
a. How many payments are required to repay the debt?
It will take
payments.
Rounded up to the next payment
b. What is the size of the final payment?
Round to the nearest cent
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yearly interest8 monthly interest81207500075 present value interest factor for 20 months1...
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Fundamentals of biochemistry Life at the Molecular Level
Authors: Donald Voet, Judith G. Voet, Charlotte W. Pratt
4th edition
470547847, 978-0470547847
