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You want to lease a set of golf clubs from foles, Lta. The lease contract is in the form of 24 equal monthly payments at
You want to lease a set of golf clubs from foles, Lta. The lease contract is in the form of 24 equal monthly payments at a 12 percent, compounded monthly. Since the clubs cost $4,000 retail, Holes wants the present value of the lease payments to equal $4,000. Suppose you first payment is due immediately. What will your monthly lease payment be
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