Question
A lease of $7,700 had to be repaid with payments of $350 at the beginning of every month. The interest rate charged was 8.00% compounded
A lease of $7,700 had to be repaid with payments of $350 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?
Rounded up to the next payment
b. What is the size of the final payment?
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Contemporary Financial Management
Authors: Don Cyr, Alfred Kahl, William Rentz, R. Moyer
1st Edition
017616992X, 978-0176169923
