A television has a cash value of $ 1,500,000, and can be purchased financed with the following plan: initial installment of 20% of the cash value and the rest at 24 equal installments; the first installment must be paid within 2 months. If the interest rate is 6% per semester during the first year and a half and 3% per quarter thereafter, find the value of the monthly installments and the amortization in month number 10.
A television has a cash value of $ 1,500,000, and can be purchased financed with the following plan: initial installment of 20% of the cash value and the rest at 24 equal installments; the first installment must be paid within 2 months. If the interest rate is 6% per semester during the first year and a half and 3% per quarter thereafter, find the value of the monthly installments and the amortization in month number 10.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 41P
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