3 Finance questions, quick response needed, lowest bid will win

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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.)

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