Please give the correct answers Cooley Landscaping needs to borrow $30,000 for a

Question

Please give the correct answers

Cooley Landscaping needs to borrow $30,000 for a new front-end dirt loader. The bank is willing to loan the money at 9.5% interest for the next 8 years with annual, semiannual, quarterly, or monthly payments. What are the different that Cooley Landscaping could choose for these different payment plans? What is Cooley's payment for the loan at 9.5% interest for the next 8 years with annual payments? What is Cooley's payment for the loan at 9.5% interest for the next 8 years with semiannual payments? What is Cooley's payment for the loan at 9.5% interest for the next 8 years with quarterly payments? What is Cooley's payment for the loan at 9.5% interest for the next 8 years with monthly payments?

Explanation / Answer

30000 = P*PVIIFA(9.5,8)

P = 30000/5.4334 = $5521.40

for semiannually

30000 = P*PVIFA(9.5/2,16)

P = 30000/11.0332 = $2719.06

for quarterly

30000 = P*PVIFA(9.5/4,32)

P = 30000/22.2383 = $1349.02

for monthly

30000 = P*PVIFA(9.5/12,96)

P = 30000/67.066 = $447.32

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