A construction company plans to purchase a new pickup truck for a newly hired construction manager....

   

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A construction company plans to purchase a new pickup truck for a newly hired construction manager. The purchase price is $74,000 and a loan could be obtained with an annual interest rate of 3.00%. Compute the monthly payments for such a loan if the payback is done over 60 months to the nearest penny, i.e. $0.01. A quantity of steel in the amount of $521,000.00 is needed for a project, payment due at the project begin date. The steel is expected to be erected in Month 2 and Month 3, with billing at the end of these months and subsequent payment from the owner at the end of Month 3 and Month 4. Assume half the the payment occurs at the end of Month 3 and the other half at the end of Month 4. Using an annual interest rate of 18%, which is a monthly interest rate of 1.5%, to finance the purchase with a short-term line of credit loan, determine the total interest accumulated for this steel purchase until payment is received. A construction company plans to purchase a new pickup truck for a newly hired construction manager. The purchase price is $74,000 and a loan could be obtained with an annual interest rate of 3.00%. Compute the monthly payments for such a loan if the payback is done over 60 months to the nearest penny, i.e. $0.01. A quantity of steel in the amount of $521,000.00 is needed for a project, payment due at the project begin date. The steel is expected to be erected in Month 2 and Month 3, with billing at the end of these months and subsequent payment from the owner at the end of Month 3 and Month 4. Assume half the the payment occurs at the end of Month 3 and the other half at the end of Month 4. Using an annual interest rate of 18%, which is a monthly interest rate of 1.5%, to finance the purchase with a short-term line of credit loan, determine the total interest accumulated for this steel purchase until payment is received.