A company borrowed at 4.38% compounded semi-annually to purchase equipment, agreeing to make payments of $2,760 at the end of every three months for 16 payments.

(a) What is the equivalent cash price of the equipment?

(b) How much will be owed at the end of two years?

(c) How much of the principal will be repaid within the first

two years?

(d) How much interest is paid during the first two

years?