Maymay & James purchased an item valued at $147,000. They paid $22,050 down and financed the rest at 2.72% compounded monthly. To reduce the amount owing to $36,940 at the end of 6 years, what size of equal payments must Maymay & James make at the end of each year? Enter the present value as a positive value in the PV box below. Enter PMT and FV as positive or negative values based on PV being positive. Report PMT accurate to the nearest cent. P/Y = 1

Maymay & James purchased an item valued at $147,000. They paid $22,050 down and financed the rest at 2.72% compounded monthly. To reduce the amount owing to $36,940 at the end of 6 years, what size of equal payments must Maymay & James make at the end of each year? Enter the present value as a positive value in the PV box below. Enter PMT and FV as positive or negative values based on PV being positive. Report PMT accurate to the nearest cent. P/Y = 1

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 3CE

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