Question
CompuSystems was supposed to pay a manufacturer $19000 on a date 4 months ago. CompuSystems is proposing to pay $10000 today and the balance in
CompuSystems was supposed to pay a manufacturer $19000 on a date 4 months ago. CompuSystems is proposing to pay $10000 today and the balance in 5 months , when it will receive payment on a major slaw to the government. Assuming that the manufacturer requires 18% per year compounded monthly on overdue accounts. What should the second payment be?
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Financial Markets and Institutions
Authors: Jeff Madura
11th Edition
1133947875, 9781305143005, 1305143000, 978-1133947875
