A school realizes that they need a new copy machine for their main office. The copy machine costs \$4,500. After speaking with the financial advisor, they decide to pay 10% of the cost of the machine in cash and finance the rest through their credit union. How much is their monthly payment if the credit union will charge 2% per year compounded monthly for 2 years?

Your brother would like to have \$27,000 in 2 years for the purchase of a new car. What monthly payment should he make into an account paying 6% per year compounded monthly to attain his goal?

You borrowed \$13,000 from your bank to build a small cabin on your property. The bank will charge 7% per year compounded quarterly. You decide to payoff this loan in 3 years by making quarterly payments. How much are your quarterly payments?

Answer rating: 100% (QA)

1 For the schools copy machine Amount financed 4500 10 paid in cash 4050 Interest rate per month 2 1... View the full answer