8) Emma runs a small factory that needs a vacuum oven for brazing small fittings. She can purchase the model she needs for $180,000 up front, or she can lease it for five years for $4,200 per month. She can borrow at 7% APR, compounded monthly. Assuming that the oven will be used for five years, should she purchase the oven or should she lease it? Why?

11) Corey buys 10 Tufflift 4-post, 4.5-ton car hoists for his parking garage at a total cost of $469,000. He finances this with a five-year loan at 7% APR with monthly payments. After he has made the first 20 payments, how much is the outstanding principal balance on his loan?

12) What is the present value (PV) of an investment that will pay $700 in one year's time, and $700 every year after that, when the interest rate is 8%?