the luke company acquired new laser machine worth $580,000. the center plans to pay 40% advance payment and the balance by quarterly payments for 7 years. if money is worth 9% converted quarterly. how much must be paid quarterly? a. $16,886.79 b.$9,056.79 c.$16,515.20 d.$8,857.49

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
icon
Related questions
Question

the luke company acquired new laser machine worth $580,000. the center plans to pay 40% advance payment and the balance by quarterly payments for 7 years. if money is worth 9% converted quarterly. how much must be paid quarterly?

a. $16,886.79

b.$9,056.79

c.$16,515.20

d.$8,857.49

Expert Solution
steps

Step by step

Solved in 4 steps with 4 images

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781337282291
Author:
Ron Larson
Publisher:
Cengage Learning