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Yankee Construction agreed to lease payments of $762.79 on construction equipment to be made at the end of each month for six years. Financing is at 15% compounded monthly. How much of the total interest would be due to deferring the first eight payments?

User Ganders
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Final answer:

The question asks to calculate the additional interest due to deferring the first eight lease payments on construction equipment, but without more specific information, an exact figure cannot be provided.

Step-by-step explanation:

The question involves calculating the total interest due on a lease payment which is being deferred. Although the provided references do not directly answer this specific question, they provide examples of calculations related to loans, bonds, and monthly payments with compounded interest rates.

For the given scenario, we could use a financial formula to determine the present value of the lease payments, then calculate the future value of the deferred payments at the compounded interest rate to find out how much extra interest would be due as a result of deferring the first eight payments. However, without more information or clear context relating back to the specifics of the lease agreement, it is not possible to provide an exact number for the total additional interest incurred due to deferral.

User Alberto Bacchelli
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