Homework Answers
| Fair value of payments through annuity | 354625 | =454625-100000 |
| Divide by Semi-annual payments | 57107 | |
| PV factor for Interest rate | 6.2098 | |
| The PV factor 6.2098 for 8 periods is closest to 6% | ||
| (1-(1.06)^-8)/0.06 = 6.2098 | ||
| Interest rate = 6 % semiannually | ||
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Exercise 6-11
Marin Excavating Inc. is purchasing a bulldozer. The equipment
has a price of $103,600. The manufacturer has offered a payment
plan that would allow Marin to make 10 equal annual payments of
$20,610.00, with the first payment due one year after the
purchase.
How much total interest will Marin pay on this payment plan?
(Round factor values to 5 decimal places, e.g. 1.25124
and final answer to 0 decimal places, e.g.
458,581.)
Total interest
$
LINK TO TEXT...
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what information do you need
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Exercise 6-11
Marin Excavating Inc. is purchasing a bulldozer. The equipment
has a price of $103,600. The manufacturer has offered a payment
plan that would allow Marin to make 10 equal annual payments of
$20,610.00, with the first payment due one year after the
purchase.
How much total interest will Marin pay on this payment plan?
(Round factor values to 5 decimal places, e.g. 1.25124
and final answer to 0 decimal places, e.g.
458,581.)
Total interest
$
LINK TO TEXT...
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what information do you need
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