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What price will a finance company pay to a merchant for a conditional sale contract that...

What price will a finance company pay to a merchant for a conditional sale contract that requires 18 monthly payments of $321 beginning in six months? The finance company requires a rate of return of 14% compounded monthly. (Do not round intermediate calculations and round your final answer to 2 decimal places.)

  

  The finance company will pay $
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Answer #1

Interest per month is (14%÷12)=1.1667%.

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