Find the amount of installments

Reference no: EM1357346

A.) On January 1, 2007, Sammy Sosa offers to buy Mark Grace's used snowmobile for $8,000, payable in 5 equal installments, which are to include 8.25% interest on the unpaid balance and a portion of the principal. If the first payment is to be made on January 1, 2007, how much will each payment be?

B.) Repeat the requirements in A, assuming Sosa makes the first payment on December 31, 2007.

Reference no: EM1357346

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