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Xerox DocuColor photocopier costing $44,000 is paid off in 60 monthly stallments at 6.90% APR. After three years the company wishes to sell the otocopier. What is the minimum price for which they can sell the copier so ey can cover the cost of the balance remaining on the loan?

Xerox DocuColor photocopier costing $44,000 is paid off in 60 monthly stallments at 6.90% APR. After three years the company wishes to sell the otocopier. What is the minimum price for which they can sell the copier so ey can cover the cost of the balance remaining on the loan?

Essentials Of Investments
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
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A Xerox DocuColor photocopier costing $44,000 is paid off in 60 monthly installments at 6.90% APR. After three years the company wishes to sell the photocopier. What is the minimum price for which they can sell the copier so that they can cover the cost of the balance remaining on the loan?
Transcribed Image Text:A Xerox DocuColor photocopier costing $44,000 is paid off in 60 monthly installments at 6.90% APR. After three years the company wishes to sell the photocopier. What is the minimum price for which they can sell the copier so that they can cover the cost of the balance remaining on the loan?
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