1.A automobile was purchased on a 60-month installment plan with a $10,000 monthly payment. Calculate the car's cash price if interest is  compounded annually at 12.03%.

2. An steel factory forecasts that one of its furnaces will require 20,000 dollars in maintenance after two years, 40,000 dollars after four years, and 80,000 dollars after eight years. What consistent semi-annual amounts might it set aside at the end of each period for the next eight n years to fulfill these maintenance expense requirements if all funds earned interest at a rate of 6.02% compounded semi-annually?

Answer rating: 100% (QA)

1 Step 1 1 Monthly Installment Annuity 10000 n 60 months interest rate 12031210025 Step 2 Table valu... View the full answer