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Leon's has a "Don't Pay For One Year" event on right now at the store, so you purchase ...

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Leon's has a "Don't Pay For One Year" event on right now at the store, so you purchase ...

Leon's has a "Don't Pay For One Year" event on right now at the store, so you purchase an Italian, hand-stitched leather sofa. You will pay $1,267.99 for the sofa in one year. Leon's charges 18% annual interest compounded monthly on overdue payments. If you forget and don't pay for the sofa until 6 months after payment is due, how much will you pay for the sofa at that time?
A) $1,386.48
B) $1,516.03
C) $1,657.70
D) $1,452.06
E) $1,377.39

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Corporate Finance Online

Edition: 1^st

Authors: Eakins, McNally

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We're using: Corporate Finance Online (Eakins, McNally)

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More solutions for this book are available here

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Pol. Sci. Major
Minoring in Business
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Really appreciate the effort, thank you for responding

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We're using: Corporate Finance Online (Eakins, McNally)

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