3 Finance questions, quick response needed, lowest bid will win
1) A company estimates that it will need $168,000 in 13 years to replace a computer. If it
establishes a sinking fund by making fixed monthly payments into an account paying 3.9%
compounded monthly, how much should each payment be?
The amount of each payment should be $___?
(Round to the nearest cent.)
2) Solve the following problem.
PV = $22,502; n = 98; i = 0.024; PMT = ?;
PMT = $___ (Round to two decimal places.)
3) Use the formula for the present value of an ordinary annuity or the
amortization formula to solve the following problem.
PV = $10,000; i = 0.005; PMT = $250; n = ?
n = ___ (Round up to the nearest integer.)