Assume the same information as in BE3.22 except that the note calls for quarterly instalment payments of
Question:
Assume the same information as in BE3.22 except that the note calls for quarterly instalment payments of $1,000. Before repeating the calculation, try to predict the outcome of the calculation and determine if the total interest will be higher or lower than with an annual payment. Show calculations using
(a) financial calculator
(b) Excel function PV.
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Step by Step Answer:
a Using a financial calculator PV Yields 1804555 I 1 1 N 20 PMT 1000 ...View the full answer
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Related Book For 
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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