Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. new body, a gym, bought new exercise equipment on

New Body, a gym, bought new exercise equipment on credit. The purchase price was $10,438.88....

50.1K

Verified Solution

Question

Accounting

New Body, a gym, bought new exercise equipment on credit. The purchase price was $10,438.88. They secure the loan with a financing company that charges 6.25% per year compounded quarterly for 6 years. How much are their quarterly payments?

Present Value with compound interest

Future V alue of an Annuity

Present V alue of an Annuity

Amortization

Sinking Fund

a. $578.41

b. $524.94 c. $503.78 d. $612.94 e. $486.78

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

How does an understanding of the Hegelian dialectics (synthesis) increase your understanding of the writings of...

Physics
1.2K views

How many 25 cm stair steps would a 80 kg person need to climb to gain...

Electrical Engineering
1.2K views

At time t = -250/6 μs a sinusoidal voltage is zero and is increasing. The next...

Operations Management
1.2K views

\"Vehicles are prohibited on the paths in the park\" is used as an example of a...

General Management
1.2K views

Give an example of someone you've tried to influence lately. Was it an upward, downward, or...

Geometry
1.2K views

Lee picks a card at random puts it back and then picks another card at...

Basic Math
1.2K views

My Activities Tell me what you want to do Q Banks offer different financial services...

Calculus
1.2K views

Problem t te poina Civen fracaion t y f 2 a 2z x a Find...

Calculus
1.2K views

For what numbers x 21 x 2 does csc x 1 Refer to the graph...

Accounting
1.2K views

Stillwater Inc. issued 50,000 shares of $2 par common stock for $600,000 several years ago...

Accounting
1.2K views

When a sales return is recorded in the general journal, the transaction must be posted...

Accounting
1.2K views

Hanna and Malik wish to set up an accountancy business in England and Wales. They...