What will your monthly lease payments be

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Reference no: EM131419401

Calculating Annuities Due You want to lease a set of golf clubs from Pings Ltd. The lease contract is in the form of 24 equal monthly payments at an 11.50 percent stated annual interest rate, compounded monthly. Since the clubs cost $3,500 retail, Pings wants the PV of the lease payments to equal $3,500. Suppose that your fi rst payment is due immediately. What will your monthly lease payments be?

Reference no: EM131419401

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