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Show me the steps to solve An excavation contractor deposits $ 2 0 0 , 0 0 0 quarterly into a fund paying an interest
Show me the steps to solve An excavation contractor deposits $ quarterly into a fund paying an interest
rate of per year compounded semiannually, with interperiod interest accrued for
a period of years. At the end of the fourth year, they want to purchase a fleet of trucks
for $ The contractor intends to make an immediate cash payment equal to
the amount accumulated and to pay for the rest by equal monthend payments. Their
financing agreement with the truck dealer is that payments should be completed in
months and that the interest rate should be per year compounded monthly.
Calculate the monthly payments for the purchase.
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