1. You are borrowing $5,510 to buy a car. The terms of the loan call for monthly
ID: 2701372 • Letter: 1
Question
1. You are borrowing $5,510 to buy a car. The terms of the loan call for monthly payments for 4 years at a 4.50 percent interest. What is the amount of each payment?
2. You are scheduled to receive annual payments of $8,600 for each of the next 21 years. The discount rate is 7.0 percent. What is the difference in the present value if you receive these payments at the beginning of each year rather than at the end of each year?
(I know how to plug in on the calculator...just want to know how to do it on hand)
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