This is a fiancial practice question that was given to us. I was wondering if someone could show me how to completely solve this question? for the sake of my understanding is it possible to show calculations that are not on excel or show what the calculator input would be?

 

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Kristina Kozyarevskaya wants to buy a $25,000 sound recording and editing system. Long & McQuade offers her a loan at 6% p.a. compounded and payable monthly for three years. a) What is the monthly payment? b) McSqueezem Finance Inc. will make it easier with a weekly payment of only $180 for three years, which is less than one-quarter of what Long and McQuade require, and she will retire the loan four days earlier. Should she take the McSqueezem offer instead? Kristina Kozyarevskaya wants to buy a $25,000 sound recording and editing system. Long & McQuade offers her a loan at 6% p.a. compounded and payable monthly for three years. a) What is the monthly payment? b) McSqueezem Finance Inc. will make it easier with a weekly payment of only $180 for three years, which is less than one-quarter of what Long and McQuade require, and she will retire the loan four days earlier. Should she take the McSqueezem offer instead?

Answer rating: 100% (QA)

a We find the monthly payment using the financial calculator ... View the full answer