Jason Argo is making plans to finance a series of projects.Calculate the amount of the payments involved in each of the situations described below.Assume all payments are made at the end of the period.Round amounts to the nearest penny.
1.He will purchase a truck for $20,000,to be repaid in equal semiannual payments over the next 5 years.The bank has quoted an interest rate of 10%.
3.He will sell old equipment for $2,000.Joe is willing to accept quarterly payments for the next 3 years at an annual interest rate of 12%.
4.He will purchase land and building for $150,000,with a down payment of $30,000 and semiannual payments for the next 20 years at an interest rate of 8%.
Definitions:
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