Find the payment that should be used for the annuity due whose future value is given. Assume that the compounding period is the same as the payment period. $17,000; quarterly payments for 19 years; interest rate 9.3% The payment should be $ (Round to the nearest cent as needed.)

Find the payment that should be used for the annuity due whose future value is given. Assume that the compounding period is the same as the payment period. $17,000; quarterly payments for 19 years; interest rate 9.3% The payment should be $ (Round to the nearest cent as needed.)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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Question

Find the payment that should be used for the annuity due whose future value is given. Assume that the compounding
period is the same as the payment period.
$17,000; quarterly payments for 19 years; interest rate 9.3%
The payment should be $
(Round to the nearest cent as needed.)

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