Present value with periodic rates. Sam Hinds, a local dentist is going to remodel the dental reception area and add Iwo new workstations. He has contacted A-Dec. and the new equipment and cabinetry will cost $22.000 The purchase will be financed with an interest rate of 10% loan over 6 years. What will Sam have to pay for this equipment if the loan calls for quarterly payments (4 per year, and monthly payments (12 per year)? Compare the annual cash outflows of the two payments. Why does the monthly payment plan have less total cash outflow each year? What will Sam have to pay for this equipment if the loan calls for quarterly payments (4 per year)? (Round to the nearest cent)