Question Help Graham purchased a business by agreeing to make three payments of $12.000.00 each in 3 months, 7 months, and 10 months. Because of cash flow difficulties, he renegotiated the payment schedule so that he would pay $16,200.00 in 4 months, $11.000.00 in 14 months, and a thid payment of $10,000.00. In how many years should he make the third payment it interest is % compounded monty? State your anwer in years and months (hom O to 11 months). The payment of $10,000.00 can be fulfiled inyeara) and morthsj (Round down to the nearest month)
Question Help Graham purchased a business by agreeing to make three payments of $12.000.00 each in 3 months, 7 months, and 10 months. Because of cash flow difficulties, he renegotiated the payment schedule so that he would pay $16,200.00 in 4 months, $11.000.00 in 14 months, and a thid payment of $10,000.00. In how many years should he make the third payment it interest is % compounded monty? State your anwer in years and months (hom O to 11 months). The payment of $10,000.00 can be fulfiled inyeara) and morthsj (Round down to the nearest month)
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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Graham purchased a business by agreeing to make three payments of $12.000.00 each in 3 months, 7 months, and 10 months. Because of cash fow
difficulties, he renegotiated the payment schedule so that he would pay $16,200.00 in 4 months, $11,000.00 in 14 months, and a third payment of
$10,000.00. In how many years should he make the third payment if interest is % compounded monthiy? State your anower in years and months (hom
O to 11 months).
The payment of $10,000.00 can be fultiled in years) andmonthis)
(Round down to the nearest month)
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