A computer with software costs $2,918, and Catherine Stevens has agreed to pay a 17% per year finance charge on the cash price. If she contracts to pay the loan in 18 months, how much will she pay each month? She will pay $ each month. (Round to the nearest cent as needed.)

A computer with software costs $2,918, and Catherine Stevens has agreed to pay a 17% per year finance charge on the cash price. If she contracts to pay the loan in 18 months, how much will she pay each month? She will pay $ each month. (Round to the nearest cent as needed.)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 32P

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A computer with software costs $2,918, and Catherine Stevens has agreed to pay a
17% per year finance charge on the cash price. If she contracts to pay the loan in 18 months, how much will she pay each month?
...
She will pay $ each month. (Round to the nearest cent as needed.)

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