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1. The Wool Co. is considering the purchase of some new equipment. The commercial-loan quote consists of a monthly payment of $3,750 for 5 years at 6.5 percent interest per year. What is the purchase price of the equipment?

A. $15,583.80

B. $18,449.12

C. $56,373.62

D. $191,657.55

E. $138,617.88

2. Your grandfather started his own business 45 years ago. He opened a savings account at the end of his sixth month of business and started contributing $x from then on every six months. His savings account has paid an average interest rate of 6 percent per year. Today, his account is valued at $133,004.67 How much did your grandfather save every six months?

A. $250 B. $300 C. $350 D. $400 E. $450

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92093260

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