Homework Answers
1. Total Tenuer(noer)=8*4=32 quarter, periodic payment(PMT)=1590, Loan amount (PV)=35280, rate=?
![J K L PV 35280 PMT -1590 32 nper |=RATE (J3,J2,1,0,0) rate RATE(nper, pmt, pv, [fv], [type], [guess]) M](http://img.homeworklib.com/questions/17e3e180-46ff-11ea-9b8f-f98bca4751ac.png?x-oss-process=image/resize,w_560)
Hence, Effective Annual Rate= (1+2.39%)^4-1=9.91%
2. Equipment worth (PV)=30000, number of payments(nper)=6*2=12, semiannual rate= 6.79%/2=3.40%, PMT=?
![М N O 3.40% rate 12 nper PV 30000 ЕРМТ(М1,М2, МЗ,0,1) PMT PMT(rate, nper, pv, [fv], [type])](http://img.homeworklib.com/questions/18c1b010-46ff-11ea-b16a-2da57bff7ee4.png?x-oss-process=image/resize,w_560)
Hence, lease payment is $2984.06 at the beginning of each half year.
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