Maymay & James purchased an item valued at $147,000. They paid $22,050 down and financed the rest at 2.72% compounded monthly. To reduce the amount owing to $36,940 at the end of 6 years, what size of equal payments must Maymay & James make at the end of each year? Enter the present value as a positive value in the PV box below. Enter PMT and FV as positive or negative values based on PV being positive. Report PMT accurate to the nearest cent. P/Y = 1
Maymay & James purchased an item valued at $147,000. They paid $22,050 down and financed the rest at 2.72% compounded monthly. To reduce the amount owing to $36,940 at the end of 6 years, what size of equal payments must Maymay & James make at the end of each year? Enter the present value as a positive value in the PV box below. Enter PMT and FV as positive or negative values based on PV being positive. Report PMT accurate to the nearest cent. P/Y = 1
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 3CE
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