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24 Aug 2018
On April 1, 2016, John Vaughn purchased appliances from the AcmeAppliance Company for $1,100. In order to increase sales, Acmeallows customers to pay in installments and will defer any paymentsfor six months. John will make 18 equal monthly payments, beginningOctober 1, 2016. The annual interest rate implicit in thisagreement is 24%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVADof $1 and PVAD of $1) (Use appropriate factor(s) from thetables provided.)
Required: Calculate the monthly payment necessary for John to pay for hispurchases.
Monthlypayment
On April 1, 2016, John Vaughn purchased appliances from the AcmeAppliance Company for $1,100. In order to increase sales, Acmeallows customers to pay in installments and will defer any paymentsfor six months. John will make 18 equal monthly payments, beginningOctober 1, 2016. The annual interest rate implicit in thisagreement is 24%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVADof $1 and PVAD of $1) (Use appropriate factor(s) from thetables provided.) |
Required: | ||||
Calculate the monthly payment necessary for John to pay for hispurchases. | ||||
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Beverley SmithLv2
26 Aug 2018