A garage is comparing the cost of buying two different car hoists. Hoist A will cost $20,000, will require servicing of $1000 every two years, and last ten years. Hoist B will cost $15,000, require servicing of $800 per year, and last eight years. If the cost of capital is 7%, which is the better option, given that the firm has an ongoing requirement for a hoist using equivalent annual annuity?

When it comes to finding the annuity for host A, I got the following answer on the financial calculator

CF₀=-20,000

CF₁=-1000

N=10/2=5

IRR=7*2=14

NPV=-23433

PV=23433, FV=0, N=10/2=5, I/Y=7*2=14, PMT=-6825.64 (this answer is calculated using every other year, what is the next step?)