Calculating Annuities Due You want to lease a set of golf clubs from Pings Ltd. The lease contract is in the form of 24 equal monthly payments at a 10.4 percent stated annual interest rate, compounded monthly. Because the clubs cost $2,300 retail, Pings wants the PV of the lease payments to equal $2,300. Suppose that your first payment is due immediately. What will your monthly lease payments be?
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