Homework Answers
The calculations are shown below using PMT function of Excel. You may also use time value of money functions on any financial calculator with same inputs to calculate the monthly payment.
So the monthly lease payment will be $383.86
If you need to calculate manually without calculator/Excel, you may use the formula of present value of annuity due as:
PV of annuity due = 
The values of PV, r & n will be the same as shown above. Solving this for PMT will give the same result
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Richard leased equipment worth $36,000 for 11 years and will own it outright at the end...
Richard leased equipment worth $35,000 for 9 years and will own it outright at the end...
Richard leased equipment worth $35,000 for 9 years and will own it outright at the end of the lease with no further payment. Calculate the size of the monthly lease payments if the lease rate is 6.53% compounded monthly. Note: Lease payments are made at the beginning of each month. yummy paid off a mortgage by paying $700 per month for 14 years. What was the original amount of the mortgage if the interest rate charged was 4.20% compounded semi-annually?
Question 13 of 13 Calculate the size of the monthly lease payments for 11 years using...
Question 13 of 13 Calculate the size of the monthly lease payments for 11 years using a lease rate of 4.83% compounded monthly for equipment worth $29,000 that will be owned outright at the end of the lease with no further payment. Note: Lease payments are made at the beginning of each month. $0.00 Round to the nearest cent
Calculate the size of the monthly lease payments for 11 years using a lease rate of...
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Arpandeep Kau Question 2 of 13 Calculate the size of the monthly lease payments for 11...
Arpandeep Kau Question 2 of 13 Calculate the size of the monthly lease payments for 11 years using a lease rate of 4.95% compounded monthly for equipment worth $29,000 that will be owned outright at the end of the lease with no further payment. Note: Lease payments are made at the beginning of each month. Round to the nearest cent Next Question 40 am
Quarter-end payments of $1,590 are made to settle a loan of $35,280 in 8 years. What...
Quarter-end payments of $1,590 are made to settle a loan of $35,280 in 8 years. What is the effective interest rate? % Round to two decimal places Raymond leased equipment worth $30,000 for 6 years. If the cost of borrowing is 6.79% compounded semi-annually, calculate the size of the lease payment that is required to be made at the beginning of each half-year. Round to the nearest cent
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For his business, Nicholas leased equipment valued at $25,000. The terms of the lease required payments of $1850 every month. If the first payment is due eighteen months after the lease was signed and interest is 3% compounded semi-annually, what is the term of the lease? State your answer in years and months (from 0 to 11 months). The term of the lease is year(s) and month(s). (Type whole numbers.)
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On January 1, James Industries leased equipment to a customer for a four-year period, at which time possession of the leased asset will revert back to James. The equipment cost James $780,000 and has an expected useful life of six years. Its normal sales price is $780,000. The residual value after four years is $100,000. Lease payments are due on December 31 of each year, beginning with the first payment at the end of the first year. The interest rate...
Richard leased equipment worth $35,000 for 9 years and will own it outright at the end of the lease with no further payment. Calculate the size of the monthly lease payments if the lease rate is 6.53% compounded monthly. Note: Lease payments are made at the beginning of each month. yummy paid off a mortgage by paying $700 per month for 14 years. What was the original amount of the mortgage if the interest rate charged was 4.20% compounded semi-annually?
Question 13 of 13 Calculate the size of the monthly lease payments for 11 years using a lease rate of 4.83% compounded monthly for equipment worth $29,000 that will be owned outright at the end of the lease with no further payment. Note: Lease payments are made at the beginning of each month. $0.00 Round to the nearest cent
Calculate the size of the monthly lease payments for 11 years using a lease rate of 4.45% compounded monthly for equipment worth $28,000 that will be owned outright at the end of the lease with no further payment. Note: Lease payments are made at the þeginning of each month.
Arpandeep Kau Question 2 of 13 Calculate the size of the monthly lease payments for 11 years using a lease rate of 4.95% compounded monthly for equipment worth $29,000 that will be owned outright at the end of the lease with no further payment. Note: Lease payments are made at the beginning of each month. Round to the nearest cent Next Question 40 am
Quarter-end payments of $1,590 are made to settle a loan of $35,280 in 8 years. What is the effective interest rate? % Round to two decimal places Raymond leased equipment worth $30,000 for 6 years. If the cost of borrowing is 6.79% compounded semi-annually, calculate the size of the lease payment that is required to be made at the beginning of each half-year. Round to the nearest cent
Liz is leasing a vehicle worth $26,400, with a down payment of $2,500 and equal payments at the beginning of every month for three years. What is the size of each lease payment if the cost of borrowing is 6.35% compounded monthly and the residual value is $11,000? Lease payment: Round to nearest cent.
Question 1 of 13 Jeremy leased a car for 4 years at a rate of 40.40% compounded monthly. It required him to make payments of $660 at the beginning of each month. What should be the selling price of the car if he is able to purchase the car at the end of the lease for $13,100. Round to the nearest cent Next Question do NG
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