1) Determine whether the sequence is divergent or convergent. If it is convergent, evaluate its limit. If it diverges to infinity, state your answer as "INF" (without the quotation marks). If it diverges to negative infinity, state your answer as "MINF". If it diverges without being infinity or negative infinity, state your answer as "DIV".
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The monthly rate of interest is so now just write out the series representing the amount after 60 months.
Hint:
the first months payments will after 60 months be worth: dollars,
and the second months payment will be worth: dollars
etc.
This will give you a geometric series which you will need to sum.
CB