Maynard Appliances Is Holding a "Fifty-Fifty Sale

question 103

Short Answer

Maynard Appliances is holding a "Fifty-Fifty Sale." Major appliances may be purchased for nothing down and no interest to pay if the customer pays 50% of the purchase price in 6 months and the remaining 50% in 12 months. Maynard then sells the conditional sale contracts at a discount to Consumers Finance Co. What will the finance company pay Maynard for a conditional sale contract in the amount of $1,085 if it requires a return of 14% compounded quarterly?

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