04) 30 Marks a) If you have two payments to a bank as follows: Payments of $2,000 in year two and 56,000 in year six. What is the equivalent uniform series of these two payments for year three to year seven at 18% b) If you took a loan (S5000) from a bank and you need to pay off the loan in 5 equal end of year payments starting at the end of the first year at 5% simple interest rate per year How much money you will pay to the bank each year 2 c) Two banks are offering you a loan (85000) and you should repay the loan in one payment at the end of the fifth year. The first bank (A) offers 12% per year compounded semi-annually and the second bank (B) offers 11.896 per year compounded monthly. Which bank is better A or B Good Luck 1 04) 30 Marks a) If you have two payments to a bank as follows: Payments of $2,000 in year two and 56,000 in year six. What is the equivalent uniform series of these two payments for year three to year seven at 18% b) If you took a loan (S5000) from a bank and you need to pay off the loan in 5 equal end of year payments starting at the end of the first year at 5% simple interest rate per year How much money you will pay to the bank each year 2 c) Two banks are offering you a loan (85000) and you should repay the loan in one payment at the end of the fifth year. The first bank (A) offers 12% per year compounded semi-annually and the second bank (B) offers 11.896 per year compounded monthly. Which bank is better A or B Good Luck 1