For his business, Nicholas leased equipment valued at $25,000. The terms of the lease required payments of
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For his business, Nicholas leased equipment valued at $25,000. The terms of the lease required payments of $1850 every month. If the first payment is due eighteen months after the lease was signed and interest is 3% compounded semi-annually, what is the term of the lease? State your answer in years and months (from 0 to 11 months). The term of the lease is year(s) and month(s).
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
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