stuck on this engineering econ probelm
Engineering Economics (1) Homework: Chapter 4 - Deferred Annuities and Gradient Serie Save Score: 0 of 1 pt 4 of 8 (1 complete) HW Score: 12.5%, 1 of 8 ... Problem 4-78 (algorithmic) Question Help You owe your best friend $2,300. Because you are short on cash, you offer to repay the loan over 12 months under the following condition. The first payment will be $120 at the end of month one. The second payment will be $120+G at the end of month two. At the end of month three, you'll repay $120+2G. This pattern of increasing G amounts will continue for all remaining months. a. What is the value of G if the interest rate is 0.5% per month? b. What is the equivalent uniform monthly payment? c. Repeat Part (a) when the first payment is $140 (ie, determine G). Click the icon to view the interest and annuity table for discrete compounding when i=0.5% per month. a. The value of G is $ (Round to the nearest cent.) Engineering Economics (1) Homework: Chapter 4 - Deferred Annuities and Gradient Serie Save Score: 0 of 1 pt 4 of 8 (1 complete) HW Score: 12.5%, 1 of 8 ... Problem 4-78 (algorithmic) Question Help You owe your best friend $2,300. Because you are short on cash, you offer to repay the loan over 12 months under the following condition. The first payment will be $120 at the end of month one. The second payment will be $120+G at the end of month two. At the end of month three, you'll repay $120+2G. This pattern of increasing G amounts will continue for all remaining months. a. What is the value of G if the interest rate is 0.5% per month? b. What is the equivalent uniform monthly payment? c. Repeat Part (a) when the first payment is $140 (ie, determine G). Click the icon to view the interest and annuity table for discrete compounding when i=0.5% per month. a. The value of G is $ (Round to the nearest cent.)