Knight Company purchased a machine for $15,000 cash down and $500 a month payable at the end of each of the next 30 mont...
Knight Company purchased a machine for $15,000 cash down and $500 a month payable
at the end of each of the next 30 months. What is the cash price of the machine, assuming
the annual interest rate is 12%?
| Future value | present value | interest rate | # periods | annuity amount | Ordinary annuity or annuity due |
If possible steps to solve in the financial calculator
Homework Answers
calculate for PV in the financial calculator, punch in:
PMT=-500
N=30
I/Y=12%/12=1%
The answer will be 12903.85
Add the cash downpayment, the cash price will be 27903.85
Add Answer to:
Knight Company purchased a machine for $15,000 cash down and $500 a month payable at the end of each of the next 30 mont...
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You agree to deposit $500 at the beginning of each month into a bank account for...
You agree to deposit $500 at the beginning of each month into a
bank account for the next 24 months. At the end of the 24th month,
you will have $13,000 in your account. If the bank compounds
interest monthly, what annual interest rate will you have
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You agree to deposit $500 at the beginning of each month into a
bank account for the next 24 months. At the end of the 24th month,
you will have $13,000 in your account. If the bank compounds
interest monthly, what annual interest rate will you have
earned?
Note: Please post the formula used to solve the question and
list the steps taken to reach the answer, please don't use excel. I
provided a list of formulas, please state the...
You agree to deposit $500 at the beginning of each month into a
bank account for the next 24 months. At the end of the 24th month,
you will have $13,000 in your account. If the bank compounds
interest monthly, what annual interest rate will you have
earned?
Note: Only use the formula listed and show the steps of how you
reached the answer, I don't need to know just the answer, I'm
trying to learn. Thank you. Don't use...
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