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charle [14.2K]
2 years ago
15

A certain company has purchased new swivel chairs for its employees. The company made the purchase on a credit plan at Buy Right

. Their monthly payments are $1,000 for 4 years. Buy Right will charge 2.25% per year compounded monthly. How much was the original total price of the furniture
Business
1 answer:
vlabodo [156]2 years ago
7 0

Answer: $45,862.29

Explanation:

This question relates to the Present value of an Annuity.

The original price would be the present value of the payments and since the payments are constant over a period, they are an annuity

Interest/ r = 2.25/12 months = 0.1875%

Periods/ n = 4 * 12 months = 48 months

= Payment * (( 1 - ( 1 + r) ^ n)/ r)

= 1,000 * (( 1 - ( 1 + 0.1875%)^48) / 0.1875%)

= $45,862.29

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Date                 Particulars               Debit              Credit

1Nov            Note Receivable      $ 13,200

                          Account Receivable                 $ 13,200

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                              Interest Revenue                $ 924

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  RecRoom receives the interest on the note's maturity date. RecRoom receives the principal on the note's maturity date.                                    

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