Determining Ordinary Annuity Payments

Determine the amount of the periodic payments needed to pay off the following purchases. Payments are made at the end of the period.

1. Purchase of a flat-screen TV for $1205. Monthly payments are to be made for one year with interest at 24% per annum, compounded monthly.

2. Purchase of a waterskiing boat for $26,565 . Quarterly payments are to be made for four years with interest at 8% per annum , compounded quarterly.

3. Purchase of a condominium for $65,500 . Semiannual payments are to be made for 10 years with interest at 10% per annum , compounded semiannually.