A lease of $7,400 had to be repaid with payments of $375 at the beginning of every
Fantastic news! We've Found the answer you've been seeking!
Question:
A lease of $7,400 had to be repaid with payments of $375 at the beginning of every month. The interest rate charged was 8.00% compounded monthly.
a. How many payments are required to repay the debt?
It will take
payments.
Rounded up to the next payment
b. What is the size of the final payment?
Round to the nearest cent
Related Book For
Fundamentals of biochemistry Life at the Molecular Level
ISBN: 978-0470547847
4th edition
Authors: Donald Voet, Judith G. Voet, Charlotte W. Pratt
Posted Date: