Crane Corp. financed the purchase of a machine by making payments of $30500 at the end of each of five years. The appropriate rate of interest was 6%. The future value of one for five periods at 6% is 1.33823. The future value of an ordinary annuity for five periods at 6% is 5.63709. The present value of an ordinary annuity for five periods at 6% is 4.21236.
What was the cost of the machine to Crane?

How is a federal loan different from a private loan for an education? a federal loan is available for any student who meets the government's lending standards. a private loan is only available for students who show a need. a federal loan is only available for students who show a need. a private loan is available for any student who meets the bank's lending standards. a federal loan can only be used to pay for a student's tuition. a private loan can be used to pay for a student's tuition and any other expenses. a federal loan can be used to pay for a student's tuition and any other expenses. a private loan can only be used to pay for a student's tuition.