A lease of $9,000 had to be repaid with payments of $375 at the beginning of every month. The interest rate charged was 6.50% compounded monthly. a. How many payments are required to repay the debt? b. What is the size of the final payment?
A lease of $9,000 had to be repaid with payments of $375 at the beginning of every month. The interest rate charged was 6.50% compounded monthly. a. How many payments are required to repay the debt? b. What is the size of the final payment?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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OLA#8.3
A lease of $9,000 had to be repaid with payments of $375 at the beginning of every month. The interest rate charged was 6.50% compounded monthly.
a. How many payments are required to repay the debt?
b. What is the size of the final payment?
Please reply using algebra with details
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