The owner of the Hamburgruesas business purchased imported furniture worth $550,000 pesos. He put down $55,000 and
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Question:
The owner of the "Hamburgruesas" business purchased imported furniture worth $550,000 pesos. He put down $55,000 and the rest to be paid one year at 20% interest compounded monthly. Two months after the purchase he made a payment of $80,000 and 4 months later he made another payment of $40,000. How much must he pay on the due date if in month nine he wishes to make a third payment equal to 50% of the value of the last payment he will make? in the twelfth month?
a) | Diagram the value equation with all its components | |||
b) | The amount of the requested payment |
Related Book For
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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