Calculating Annuities Due You want to lease a set of golf clubs from Pings Ltd. The lease
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Calculating Annuities Due You want to lease a set of golf clubs from Pings Ltd. The lease contract is in the form of 36 equal monthly payments at a 14 per cent stated annual interest rate, compounded monthly. Because the clubs cost £4,000 retail, Pings wants the PV of the lease payments to equal £4,000. Suppose that your first payment is due immediately. What will your monthly lease payments be?
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PV PMT x 1 1 rn r Where PV present value equal to 4000 in this case PMT monthly payment r interest r...View the full answer
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Related Book For 
Corporate Finance
ISBN: 9780077173630
3rd Edition
Authors: David Hillier, Stephen A. Ross, Randolph W. Westerfield, Bradford D. Jordan, Jeffrey F. Jaffe
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