Basics of Engineering Economy 2nd Edition by Anthony Tarquin,Leland Blank

Exercise 9

A small commercial building contractor purchased a used crane 2 years ago for $60,000. Its operating cost was $2500 in month one, $2550 in month two, and amounts increasing by $50 per month through the end of year two (now). If the crane was sold for $48,000 now, what was its equivalent monthly cost at an interest rate of 1% per month