A company plans to purchase a large piece of machinery with $2401 semi-annual payments for 23 months. If the interest rate on the loan is 2.78% p.a. compounded semi-annually, what is the cash price of the machine? State your answer in dollars ($) with two decimals

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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A company plans to purchase a large piece of machinery with $2401 semi-annual payments for 23 months. If the interest rate on the loan is 2.78% p.a. compounded semi-annually, what is the cash price of the machine? State your answer in dollars ($) with two decimals

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