1. Suppose you will receive payments of $14,000 at the beginning of the next 16 years (i.e., the first payment is today). What is the present value of all the payments? The interest rate is 2%.

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2. Suppose a condo generates $17,000 in cash flow in the first year. If the cash flows grow at 4% per year, the interest rate is 14%, and the building lasts forever, what is the present value of the condo's cash flow?

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3. Suppose you take a 9 year loan of $10,000 with an interest rate of 5% and annual payments starting at the end of year 1. What are the annual loan payments?

4. If you take out a 5 year, $45,000 car loan that calls for monthly payments at an APR of 8%, what is your monthly payment?

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5. Suppose a condo generates $10,000 in cash flows in the first year. If the cash flows grow at 5% per year, the interest rate is 9%, and the building will be torn down in 20 years (the building is worthless after 20 years), what is the most you would pay for the condo today?

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