A plot of land is sold in installments in 24 equal monthly installments of R$4000 immediately in arrears, plus 4 additional installments due in 7, 14, 21 and 28 months, each of R$9000. Determine the cash price of the land if the interest rate on the loan is 4% per month. The spot value of the land is R$ ?
A plot of land is sold in installments in 24 equal monthly installments of R$4000 immediately in arrears, plus 4 additional installments due in 7, 14, 21 and 28 months, each of R$9000. Determine the cash price of the land if the interest rate on the loan is 4% per month. The spot value of the land is R$ ?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 9P
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A plot of land is sold in installments in 24 equal monthly installments of R$4000 immediately in arrears, plus 4 additional installments due in 7, 14, 21 and 28 months, each of R$9000. Determine the cash price of the land if the interest rate on the loan is 4% per month.
The spot value of the land is R$ ?
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