A hospital equipment is selling for 93,863.9 downpayment plus 26,184.6 semiannual payment for 4 years. The first installment payment is due at the end of 1 year and 6 months after of sale. If interest is 5.1% compounded semi-annually, how much is the equivalent cash price of the equipment? Compute using the given interest and compounding period.
A hospital equipment is selling for 93,863.9 downpayment plus 26,184.6 semiannual payment for 4 years. The first installment payment is due at the end of 1 year and 6 months after of sale. If interest is 5.1% compounded semi-annually, how much is the equivalent cash price of the equipment? Compute using the given interest and compounding period.
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 16P
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A hospital equipment is selling for 93,863.9 downpayment plus 26,184.6 semiannual payment for 4 years. The first installment payment is due at the end of 1 year and 6 months after of sale. If interest is 5.1% compounded semi-annually, how much is the equivalent cash price of the equipment? Compute using the given interest and compounding period.
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