Question
The price of a stainlesssteel, freezer refrigerator is $2,649.43. To own therefrigerator, you must makebeginning-of-month payments of $31.00 and one finallump-sum payment at the very
The price of a stainlesssteel, freezer refrigerator is $2,649.43. To own therefrigerator, you must makebeginning-of-month payments of $31.00 and one finallump-sum payment at the very end of the term in order to pay off the balance outstanding. The manufacturer offers a60-month term at a rate of 6% APR. What is the buyout at the end of theterm?
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Introduction to Finance Markets, Investments and Financial Management
Authors: Ronald W. Melicher, Edgar A. Norton
16th edition
1119398282, 978-1-119-3211, 1119321115, 978-1119398288
