What is the monthly rate - annual rate, Financial Accounting

Suppose that the annual rate of interest is 4%.

(a) What is the monthly rate?

(b) Consider a 3-year lease on a car that is worth $20,000 today. The first payment on the lease is next month. After 3 years the price of the car is estimated at $15,000. What is the monthly rent?

Posted Date: 3/20/2013 2:18:32 AM | Location : United States

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