Jason Argo Is Making Plans to Finance a Series of Projects.Calculate

question 271

Essay

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%.

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Definitions:

Factor

In mathematics, a factor is a number or expression that divides another number or expression evenly, without leaving a remainder.

Expression

A mathematical phrase that can contain numbers, variables, and operation symbols but does not have an equal sign.

Zero-Factor Property

A rule stating that if the product of two factors equals zero, at least one of the factors must also be zero.

Equation

A statement in mathematics that declares two expressions, often including variables and constants, to be equivalent.