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Find the present value of monthly annuity

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Berkley Trucking recently purchased a new truck. The firm financed this purchase at 3.4 percent interest (monthly compounded) with monthly payments of $899. The debt will be paid off after 36 months. How much did the truck cost? That is, find the present value of this monthly annuity. Round your answer to the nearest cent.

Berkley Trucking recently purchased a new truck costing $147,800. The firm financed this purchase at 7.6 percent interest (monthly compounded) with monthly payments of $2003. How many months will it take the firm to pay off this debt (i.e., until the future value is 0)? Round your answer to the nearest month.

Reference no: EM132157950

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