Fatiha takes out a loan of $6000, which she repays by the amortization method at a nominal rate of 9.6% compounded monthly. Fatiha makes level monthly payments at the end of each month for 4 years. Find the amount of principal repaid in her 37th payment.

You are the manager of a large crude-oil refinery. as part of the refining process, a certain heat exchanger (operated at high temperatures and with abrasive material flowing through it) must be replaced every year. the replacement and downtime cost in the first year is $165 comma 000. this cost is expected to increase due to inflation at a rate of 7% per year for six years (i.e. until the eoy 7), at which time this particular heat exchanger will no longer be needed. if the company's cost of capital is 15% per year, how much could you afford to spend for a higher quality heat exchanger so that these annual replacement and downtime costs could be eliminated?