One retailer charges $1038 for a certain computer. A firm of tax accountants buys 7 of these computers. It makes a down payment of $1300 and agrees to amortize the balance with monthly payments at 12% interest for 5 years. Prepare an amortization schedule showing the first four monthly payments for this loan Write the equation that can be used to find the amount of each monthly payment PV PMT where PV= 1-(1-0 + (Type integers or decimals.)

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
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One retailer charges $1038 for a certain computer. A firm of tax accountants buys 7 of these computers. It makes a down payment of $1300 and agrees to amortize the balance with monthly payments at 12%
interest for 5 years. Prepare an amortization schedule showing the first four monthly payments for this loan.
Write the equation that can be used to find the amount of each monthly payment.
PV⚫
PMT=
where PV=
☐
1-(1+)
(Type integers or decimals.)
Transcribed Image Text:One retailer charges $1038 for a certain computer. A firm of tax accountants buys 7 of these computers. It makes a down payment of $1300 and agrees to amortize the balance with monthly payments at 12% interest for 5 years. Prepare an amortization schedule showing the first four monthly payments for this loan. Write the equation that can be used to find the amount of each monthly payment. PV⚫ PMT= where PV= ☐ 1-(1+) (Type integers or decimals.)
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