CONTEMP.FINANCIAL MGMT. (LL)-W/MINDTAP
CONTEMP.FINANCIAL MGMT. (LL)-W/MINDTAP
14th Edition
ISBN: 9780357292877
Author: MOYER
Publisher: CENGAGE L
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Chapter 16, Problem 28P

a)

Summary Introduction

To determine: The annual financing cost.

b)

Summary Introduction

To determine: The annual financing cost.

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I need answer typing clear urjent no chatgpt used pls i will give 5 Upvotes.
You want to buy equipment that is available from 2 companies. The price of the equipment is the same for both companies. Silver Research would let you make quarterly payments of $9,130 for 3 years at an interest rate of 3.27 percent per quarter. Your first payment to Silver Research would be today. Island Research would let you make monthly payments of $3,068 for 3 years at an interest rate of X percent per month. Your first payment to Island Research would be in 1 month. What is X? Input instructions: Input your answer as the number that appears before the percentage sign. For example, enter 9.86 for 9.86% (do not enter .0986 or 9.86%). Round your answer to at least 2 decimal places. percent
Make sure you're using the right formula and rounding correctly I have asked this question four times and all the answers have been incorrect.
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