iece of machinery is on a {A}-month lease at {B}% compounded annually. Beginning-of-month payments are $397.95, and a $5,000 down payment was made. The residual value is $5,525.00. What was the purchase price of the product? {A}40 {B}6.99% {C}$334.52 {D} $7,000 {E} $5,350
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A piece of machinery is on a {A}-month lease at {B}% compounded annually. Beginning-of-month payments are $397.95, and a $5,000 down payment was made. The residual value is $5,525.00. What was the purchase price of the product?
{A}40
{B}6.99%
{C}$334.52
{D} $7,000
{E} $5,350
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