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How much money should Juan pay

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Question - Juan wants to rent a place to start a business. The monthly rent is $9,000. Since Juan does not want to be paying that amount each month, he proposes to pay the owner an annual amount equal to the $9,000 but in a single payment. If interest is calculated at 15% per year, compounded monthly, how much money should Juan pay?

Reference no: EM133049738

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