Peter purchased a machine for $400,000. He paid 16% of the value as a down payment and received a loan for the balance at 7.05% compounded annually. He had to make payments of $4,443.55 at the end of every month to settle the loan. a. How many payments were made? A full solution for the number of payments should be shown. Submit your solution. o payments Round up to the next payment period

Peter purchased a machine for $400,000. He paid 16% of the value as a down payment and received a loan for the balance at 7.05% compounded annually. He had to make payments of $4,443.55 at the end of every month to settle the loan. a. How many payments were made? A full solution for the number of payments should be shown. Submit your solution. o payments Round up to the next payment period

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

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A landscape architect accrued $7,876.36 in credit card debt. If the architect makes a monthly payment of $600 (and makes no additional charges on the account), how many months will it take to repay the debt If the annual Interest rate on the credit card is 18.8%? (Round your answer up to the nearest month.) months
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Jie purchased a computer priced at $891.06, financing it by paying $60.38 on the date of purchase, and signing a contract to pay equal monthly payments over the next fifteen months. If the terms of the contract state that interest is calculated at 11.9% compounded monthly, how much does Jie have to pay at the end of each month? Jie must make payments of $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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