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A woman paid $91,000 down for a house and agreed to pay 18 quarterly payments of $4,500 each. If money is worth 4% compounded quarterly, how much (in $) would the house have cost if she had paid cash? (Round your answer to the nearest cent.) $ X

A woman paid $91,000 down for a house and agreed to pay 18 quarterly payments of $4,500 each. If money is worth 4% compounded quarterly, how much (in $) would the house have cost if she had paid cash? (Round your answer to the nearest cent.) $ X

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A woman paid $91,000 down for a house and agreed to pay 18 quarterly payments of $4,500 each. If money is worth 4% compounded quarterly, how much (in $) would the house have cost she had paid cash? (Round your answer to the nearest cent.) $ X
Transcribed Image Text:A woman paid $91,000 down for a house and agreed to pay 18 quarterly payments of $4,500 each. If money is worth 4% compounded quarterly, how much (in $) would the house have cost she had paid cash? (Round your answer to the nearest cent.) $ X
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