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Home Q & A Board Other Fields Homework Help Business Accounting
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thomas3333 thomas3333
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5 years ago
Suppose you borrow money from your parents for college tuition on January 1, 2015. Your parents require four annual payments of $40,000 each, with the first payment due on January 1, 2019. They are charging you 6% annual interest. What is the cost of the college tuition? (Use spreadsheet software or a financial calculator to calculate your answer. Do not round any intermediary calculations, and round your final answer to the nearest dollar.)
A) $160,000
B) $116,375
C) $138,604
D) $109,788
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
Authors:
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#1
5 years ago
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thomas3333 Author
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#2
5 years ago
Thanks for your help!
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