Payments.

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.

A-Dec will finance the equipment purchase at

7.5%

for

5

years. What will Hinds have to pay in annual payments for this equipment?

Question content area bottom

Part 1

What will Hinds have to pay in annual payments for this equipment?

$enter your response here

(Round to the nearest cent.)