Question
Central Personnel's accountant set up a long-term lease liability of $11,622.73 to recognize a new contract for the lease of office furniture. She used the
Central Personnel's accountant set up a long-term lease liability of $11,622.73 to recognize a new contract for the lease of office furniture. She used the firm's 10.5% monthly compounded cost of borrowing as the discount rate.
If the lease payment at the beginning of each month is $295, what is the term of the lease?(Do not round intermediate calculations.)
The term___ years
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Fundamentals Of Financial Management
Authors: Richard Bulliet, Eugene F Brigham, Brigham/ Houston
11th Edition
1111795207, 9781111795207
