You want to buy equipment that is available from 2 companies. The price of the equipment is the same for both companies. SilverLeisure would let you make quarterly payments of $3,530 for 7 years at an interest rate of 2.14 percent per quarter. Your first paymentto Silver Leisure would be today. Pond Leisure would let you make X monthly payments of $18,631 at an interest rate of 1.19 percentper month. Your first payment to Pond Leisure would be in 1 month. What is X?Input instructions: Round your answer to at least 2 decimal places.

To determine the number of monthly payments XX required for Pond Leisure, we need to compare the…

Answered: You want to buy equipment that is…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 6P

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