Determine the minimum resale value of haul truck at the end, Financial Accounting

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Determine the minimum resale value of haul truck at the end

Problem

A mining company decided to lease a new $600,000 haul truck for 5 years. If the lease payments are set at $9,000 per month, determine the minimum resale value of the haul truck at the end of the lease period for the leasing company to earn a minimum 12.0% Nominal Annual Rate. Assume monthly compounding and that no other fees are applied.

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Financial Accounting: Determine the minimum resale value of haul truck at the end

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Financial Accounting: Determine the minimum resale value of haul truck at the end

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