You want to buy equipment that is available from 2 companies. The price of the equipment is the same for both companies. GrayMedia would let you make quarterly payments of $1,430 for 7 years at an interest rate of 1.59 percent per quarter. Your first payment toGray Media would be today. River Media would let you make monthly payments of $X for 8 years at an interest rate of 1.46 percent permonth. Your first payment to River Media would be in 1 month. What is X?Input instructions: Round your answer to the nearest dollar.59

Thus, the final monthly payment is $624.

Answered: You want to buy equipment that is…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 14P

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