Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller

تمرين 51

Solve the application problem. Round to the nearest cent.
LAND SALE Helen Spence sells a lot in Nevada. She will be paid a lump sum of $60,000 in 4 years. Until then, the buyer pays 8% simple interest every quarter. (a) Find the amount of each quarterly interest payment. ____________ (b) The buyer sets up a sinking fund so that enough money will be present to pay off the $60,000. The buyer wants to make semiannual payments into the sinking fund. The account pays 8% compounded semiannually. Find the amount of each payment into the fund. ____________ (c) Prepare a table showing the amount in the sinking fund after each deposit.