On February 1, the Miro Company needs to purchase some office equipment. The company is short of cash and expects to be short for several months. The treasurer has said that he could pay for the equipment as follows:April 1 $150June 1 $300Aug 1 $450Oct 1 $600Dec 1 $750A local office supply firm will agree to sell the equipment to Miro now and accept payment according to the treasurer�s schedule. If interest will be charged at 3% every 2 months, with compounding once every 2 months, how much office equipment can the Miro Company buy now? What is the effective interest rate?
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On February 1, the Miro Company needs to purchase some office equipment. The company is short of cas...
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