Calculate the size of the lease payment that is required
Problem
Crystal leased equipment worth $30,000 for 7 years. If the cost of borrowing is 5.94% compounded monthly, calculate the size of the lease payment that is required to be made at the beginning of each month.
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What will be the electricity expense (to the nearest £) charged in its Statement of Profit or Loss for the year ended 30 April 20X7?
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If the cost of borrowing is 5.94% compounded monthly, calculate the size of the lease payment that is required to be made at the beginning of each month.
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