You want to lease a set of golf clubs from Pings Ltd. The lease contract is in
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You want to lease a set of golf clubs from Pings Ltd. The lease contract is in the form of 24 equal monthly payments at an APR of 9.7 percent, compounded monthly. Since the clubs cost $3,100 retail, Pings wants the present value of the lease payments to equal $3,100 and your first payment is due immediately. What will your monthly lease payments be?
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The time line is The monthly interest rate is the annual interest rate divid...View the full answer
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Related Book For 
Corporate Finance Core Principles and Applications
ISBN: 978-1259289903
5th edition
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford Jordan
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