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try to use ba ii plus calculator and for a) PMT is the size of the periodic payment, n is the number of these payments,
try to use ba ii plus calculator and for a)
PMT is the size of the periodic payment, n is the number of these payments, and p is the effective rate of interest per payment period.
A company borrowed at 4.07% compounded monthly to purchase equipment, agreeing to make payments of $2,270 at the end of every three months for 11 payments. (a) What is the equivalent cash price of the equipment? (b) How much will be owed at the end of two years? (c) How much of the principal will be repaid within the first two years? (d) How much interest is paid during the first two years? (a) The cash price of the equipment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)Step by Step Solution
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