12. A firm is considering leasing an equipment worth N2 million for which it will be required to make 20 equal end-of-year instalment payments. If interest is at the rate of 15%, what will be the annual payments? A. N19,523.00 B. N122,201.00 C. N300,000.00 D. N319,525.00

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 15PROB
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Calculate the annual payment for given question?

12. A firm is considering leasing an equipment worth N2 million for which
it will be required to make 20 equal end-of-year instalment payments. If
interest is at the rate of 15%, what will be the annual payments?
A. N19,523.00
B. N122,201.00
C. N300,000.00
D. N319,525.00
Transcribed Image Text:12. A firm is considering leasing an equipment worth N2 million for which it will be required to make 20 equal end-of-year instalment payments. If interest is at the rate of 15%, what will be the annual payments? A. N19,523.00 B. N122,201.00 C. N300,000.00 D. N319,525.00
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