Answer to Question #77222 in Engineering for jena

Question #77222
1. Your company has a 100,000 loan for a new security system it just bought. The annual payment is 8880 and the interest rate is 8% per year for 30 years. Your company decides that it can afford to pay 10000 per year. After how many payments (n-years) will the loan be paid off?

2. You have choice when subscribing to our magazine for four years: you can
a) pay 100 for a four year subscription,
b) pay 28 at the beginning of each year for four years, or
c) pay 54 today and 54 again two years from today.
Which is the best deal for you, the subscriber, if the interest is 10% yearly?
Expert's answer
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