This preview shows page 1. Sign up to view the full content.
Unformatted text preview: one month from now? Assume 30 days per month. 5. The Adams County (Wisconsin) Road Commission purchased a $340,000 Bomag MPH454R asphalt pavement recycler. A local bank is offering a low interest rate of 5% compounded daily to purchase the machine. If the municipality pays back the principal plus interest in one lump sum at the end of 4 years , what is the total interest to be paid? 6. If another bank offers the Adams County Road Commission a rate of 5.10% compounded semi-annually, should the municipality go with the new offer, instead?...
View Full Document
This note was uploaded on 12/07/2011 for the course CIVL 4111 taught by Professor Moore,l during the Fall '08 term at U. Memphis.
- Fall '08