3 of 7 (5 complete) HW Score: 61.9%, 4.33 of 7 pts Score: 0 of 1 pt P5-5 (similar to) Question Help Present value with periodic rates. Sam Hinds, a local dentist, is going to remodel the dental reception area and add two new workstations. He has contacted A-Dec, and the new equipment and cabinetry will cost $16,000. The purchase will be financed with an interest rate of 10% loan over 8 years. What will Sam have to pay for this equipment if the loan calls for semiannual payments (2 per year) and monthly payments (12 per year)? Compare the annual cash outfiows of the two payments. Why does the monthly payment plan have less total cash outflow each year? What will Sam have to pay for this equipment if the loan calls for semiannual payments (2 per year)? S 1476.32 (Round to the nearest cent.) What will Sam have to pay for this equipment if the loan calls for monthly payments (12 per year)? $260.05 (Round to the nearest cent.)