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What the finance charge in the first year

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Reference no: EM133003853

Problem 1: Life Ltd negotiated a lease for equipment on the following terms: the lease had a 3 year term; the purchase price of the new equipment was R41 250; there were to be 3 annual payments of R15 000 payable in advance; and Life Ltd was able to borrow at 10% per annum. The finance charge in the first year using the sum of the digits method would be?

Reference no: EM133003853

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