Sheridan Productions borrowed some money from the California Finance Company at a rate of 17.40 percent...
Sheridan Productions borrowed some money from the California Finance Company at a rate of 17.40 percent for a seven-year period. The loan calls for a payment of $1,236,000 each year beginning today. How much did Sheridan borrow? (Round factor values to 4 decimal places, e.g. 1.5214 and final answer to nearest whole dollar, e.g. 5,275.)
Homework Answers
Present value of annuity due=(1+interest rate)*Annuity[1-(1+interest rate)^-time period]/rate
=1.174*1,236,000[1-(1.174)^-7]/0.174
=$1,236,000*4.5521
=$5,626,396(Approx).
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Please label and bold the answers. Thanks so much I will make sure to leave you...
Please label and bold
the answers. Thanks so much I will make sure to leave you
a thumbs up and this is my last question I can post this month.
This is due at 3 so please help me. I would really appreciate it
thanks so much!!!!!!!!
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Please label and bold
the answers. Thanks so much I will make sure to leave you
a thumbs up and this is my last question I can post this month.
This is due at 3 so please help me. I would really appreciate it
thanks so much!!!!!!!!
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