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You have purchased a 35-year lease for 35,000 , which will make equal payments at the end of each year, based on an effective annual
You have purchased a 35-year lease for 35,000 , which will make equal payments at the end of each year, based on an effective annual interest rate of 8%. You receive the first 10 payments and then go on a humanitarian mission and request that the next 5 payments be waived. If the original term of 35 years in total is still in effect, the remaining equal payments should be recalculated to be equal to X, so that you are not penalized on the purchase. Calculate X rounded to the tens. a) 4800 b) 4900 c) 5000 d) 5100 e) 5200
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