Please use excel if possible. A stamping machine is priced at $48,000. If a payment of $1,500 is made every month, how many months will it take to pay for the machine? Interest is charged at an annual rate of 4.25%, compounded quarterly.

Please use excel if possible. A stamping machine is priced at $48,000. If a payment of $1,500 is made every month, how many months will it take to pay for the machine? Interest is charged at an annual rate of 4.25%, compounded quarterly.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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Question

Please use excel if possible. A stamping
machine is priced at $48,000. If a payment of
$1,500 is made every month, how many
months will it take to pay for the machine?
Interest is charged at an annual rate of
4.25%, compounded quarterly.

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