Candy purchases a new guitar costing $5,500. She put down 15% and finance the rest for 3 years through the store. The store will charge her 10% per year compounded quarterly. What are her quarterly payments? How much is her down payment? Identify the type of problem.
A company would like to have $400,000 in 6 years. How much should be invested semiannually into an account paying 3.6% compounded semiannually? Identify the type of problem.