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Mrs. Smith signed a contract that calls for payments of $150 a month for 5 years. If money is worth 15% compounded monthly answer the
Mrs. Smith signed a contract that calls for payments of $150 a month for 5 years. If money is worth 15% compounded monthly answer the following: a) What is the present (cash) value of the contract? (Ans. \$6,305.19) b) If Mrs. Smith missed making the first 6 payments, what must she pay at the time of the 7th payment to be fully up to date
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