Spine Surgeons R-Us need to buy a new piece of spine equipment and a financial lender agrees to lend them the money at a 2% monthly rate. The loan payments will be $2,600 for the next 18 months, and at the end of each month. What is the purchase price of the equipment?

2. Bond X is a 12-year $2000 par value bond with a coupon rate of 10%. If interest rates dip, after 2 years, to 8%, what is the current value of the bond?