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Author Question: Yankee Construction agreed to lease payments of $762.79 on construction equipment to be made at the ... (Read 107 times)

eruditmonkey@yahoo.com

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on: Jun 6, 2019
Yankee Construction agreed to lease payments of $762.79 on construction equipment to be made at the end of each month for six years. Financing is at 15% compounded monthly.
a) What is the value of the original lease contract?
b) If, due to delays, the first eight payments were deferred, how much money would be needed after nine months to bring the lease payments up to date?
c) How much money would be required to pay off the lease after nine months?
d) If the lease were paid off after nine months, what would the total interest be?
e) How much of the total interest would be due to deferring the first eight payments?
Contemporary Business Mathematics with Canadian Applications ¦ Hummelbrunner, Halliday, Coombs ¦ 11th Edition
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Marked as best answer by eruditmonkey@yahoo.com on Jun 6, 2019

Dominic

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Reply #1 on: Jun 6, 2019
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eruditmonkey@yahoo.com

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Reply #2 on: Jun 6, 2019
Thanks


Dominic

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Reply #3 on: Jun 6, 2019
Welcome :)


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