A contractor's price for a new building was $55700. Stampede Inc., the b $16000 down and financed the balance by making equal payments at the 14 years. Interest is 8.9% compounded semi-annually. a) What is the size of the semi-annual payment? b) How much will Stampede Inc. owe after 6 years?( c) What is the total cost of the building for Stampede Inc.?( d) What is the total interest included in the payments?
A contractor's price for a new building was $55700. Stampede Inc., the b $16000 down and financed the balance by making equal payments at the 14 years. Interest is 8.9% compounded semi-annually. a) What is the size of the semi-annual payment? b) How much will Stampede Inc. owe after 6 years?( c) What is the total cost of the building for Stampede Inc.?( d) What is the total interest included in the payments?
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Author:Erwin Kreyszig
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Transcribed Image Text:A contractor's price for a new building was $55700. Stampede Inc., the bu
$16000 down and financed the balance by making equal payments at the
14 years. Interest is 8.9% compounded semi-annually.
a) What is the size of the semi-annual payment?
b) How much will Stampede Inc. owe after 6 years?
c) What is the total cost of the building for Stampede Inc.?(
d) What is the total interest included in the payments?
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