John bought a boat valued at $26,900 on an installment plan requiring equal weekly payments for 4 years. The interest rate is 5.45% compounded annually. Round dollar amounts to 2 decimal places a) What is the size of each weekly payment? Mode N= P/Y- C/Y= PMT- b) How much would the weekly payments be if John made a $4,200 down payment? PMT- 4

John bought a boat valued at $26,900 on an installment plan requiring equal weekly payments for 4 years. The interest rate is 5.45% compounded annually. Round dollar amounts to 2 decimal places a) What is the size of each weekly payment? Mode N= P/Y- C/Y= PMT- b) How much would the weekly payments be if John made a $4,200 down payment? PMT- 4

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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