1) HiTek Manufacturing is purchasing a large tract of land for a new facility

Subject:Mechanical EngineeringPrice:3.87 Bought7

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1) HiTek Manufacturing is purchasing a large tract of land for a new facility. Its loan is for $3 million, and it will be paid off in 15 equal annual payments. If the interest rate is 10%, how much is each payment.

2) Matuk construction has purchased some earthmoving equipment that comes with a 2 year warranty. Repair costs are expected to be $1500, beginning in year 3 and increasing by $200 every year through the equipment's 10 year life. What is the PW of the repair expenses if the interest rate is 10%.