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majarm majarm
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6 years ago
A lease requires monthly payments of $1150.00 due in advance. If interest is 16% compounded quarterly and the term of the lease is 4 years, what is the cash value of the lease?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
p =   - 1 = 0.013159404
PVn (due)   = 1150  (1.013159404)
   = 1150(35.41891644)(1.013159404) = $41 267.76
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