Present value with periodic

rates.

Cooley Landscaping needs to borrow

$30,000

for a new front-end dirt loader. The bank is willing to loan the money at

7.5%

interest for the next

9

years with

annual,

semiannual,

quarterly,

or

monthly

payments. What are the different payments that Cooley Landscaping could choose for these different payment plans?

Question content area bottom

Part 1

What is Cooley's payment for the loan at

7.5%

interest for the next

9

years with

annual

payments?

$4703.014703.01

(Round to the nearest cent.)

Part 2

What is Cooley's payment for the loan at

7.5%

interest for the next

9

years with

semiannual

payments?

$2,321.902,321.90

(Round to the nearest cent.)

Part 3

What is Cooley's payment for the loan at

7.5%

interest for the next

9

years with

quarterly

payments?

$enter your response here

(Round to the nearest cent.)

Part 4

What is Cooley's payment for the loan at

7.5%

interest for the next

9

years with

monthly

payments?

$enter your response here

(Round to the nearest cent.)