1. A contractor borrowed $250,000 from a bank at an interest rate of 6% to purchase new construction equipment. What annual payment must the contractor make if the loan is to be paid off in 10 years? (10 Points) 2. Using an interest rate of 12%, find the equivalent uniform annual cost for a piece of construction equipment that has an initial purchase cost of $80,000, an estimated economic life of 8 years, and an estimated salvage value of $10,000. Annual maintenance will amount to $600 per year and periodic overhauls costing $1,000 each will occur at the end of the 2nd 4th, and 6th years. (10 Points) 3. A company owns a fleet of trucks and operates its own maintenance shop. A certain type of truck, normally used for 5 years, has an initial cost of $45,000 and a salvage value of $75,00. Maintenance costs are $7,000 for the first year and increase by $2,000 each year. Assuming interest at 10%, find the equivalent annual cost of owning and maintaining the truck. (10 Points)