Question
Twelve rental payments of $800 will be made at the beginning of each month. If interest rate is 12% per year, what is the total
Twelve rental payments of $800 will be made at the beginning of each month. If interest rate is 12% per year, what is the total present value of the payments? [Answer is rounded to the nearest dollar]
| A. | $8,294 | |
| B. | $8,494 | |
| C. | $8,694 | |
| D. | $8,894 | |
| E. | $9,094 | |
| F. | $9,294 | |
| G. | $9,494 | |
| H. | $9,694 | |
| I. | $9,894 | |
| J. | None of the above |
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Focus On Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes, Melissa Hart
7th Edition
1265521972, 978-1265521974
