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1 Lowlife Company defaulted on a $290,000 loan that was due on December 31, 2021. The bank has agreed to allow Lowlife to repay
1 Lowlife Company defaulted on a $290,000 loan that was due on December 31, 2021. The bank has agreed to allow Lowlife to repay the $290,000 by making a series of equal annual payments beginning on December 31, 2022. (EV of $1. PV of $1. EVA of $1. PVA of SI EVAD of $1 and PVAD OLS) (Use appropriate factor(s) from the tables provided.) Required: 1. Calculate the required annual payment if the bank's interest rate is 10% and four payments are to be made. 2. Calculate the required annual payment if the bank's interest rate is 8% and five payments are to be made. 3. If the bank's interest rate is 10%, how many annual payments of $33,531 would be required to repay the debt? 4. If three payments of $108,492 are to be made, what interest rate is the bank charging Lowlife? Complete this question by entering your answers in the tabs below.Problem Required 1 Required 2 Required 3 Required 4 Calculate the required annual payment if the bank's interest rate is 10% and four payments are to be made. (Round your final answers to nearest whole dollar amount.) Table or calculator function: Present Value Annual Instaliment 1- x Required Required 2 >
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