Find the size of each payment assuming they are equal, and the interest

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 8E: Cash Flow Amounts R. Lee Rouse borrows 10,000 that is to be repaid in 24 equal monthly installments...
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Suppose that a purchase is made with a credit of $27,000 that is settled with 9 monthly installments with charges of 12% simple annual on unpaid balances. Find the size of each payment assuming they are equal, and the interest

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