What are the monthly payments and how much interest is paid, Financial Management

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What are the monthly payments and how much interest is paid

1. Kingston Clinic wishes to make monthly payments over a 5 year period on the purchase of an Ultrasound. The cost of the Ultrasound is $102,000, and the annual interest rate is 6%. What are the monthly payments and how much interest is paid over the life of the loan?

2. Ace Medical Clinic currently has a $8,000,000 loan outstanding that they would like to retire/pay off in the next 10 years. If the interest rate is 8%, what would be the amount of the annual payments that Ace would need to make?

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