A lease of $7,900 had to be repaid with payments of $300 at the beginning of every quarter. The interest rate charged was 9.00% compounded
A lease of $7,900 had to be repaid with payments of $300 at the beginning of every quarter. The interest rate charged was 9.00% compounded quarterly.
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?
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Authors: Eugene F. Brigham and Michael C. Ehrhardt
12th Edition
978-0030243998, 30243998, 324422695, 978-0324422696
