Hats Down has just rented a warehouse and must pay a monthly rent of $12,000 for the
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Question:
Hats Down has just rented a warehouse and must pay a monthly rent of $12,000 for the next 9 years. The first payment is due today. What is the value of the payments today if the APR is 6.36%, compounded monthly?
r = 6.36%/12 = 0.53%
Please explain the Formula. if the interest is 6.36% should we be putting it in decimal form .0636/12?
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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