1. You are scheduled to receive annual payments of $11,000 for each of the next 22 years. Your discount rate is 8 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?

2. What is the future value of $1,070 a year for 4 years at a 6 percent rate of interest?

3. You are considering an annuity which costs $51200 today. The annuity pays $7300 a year. The rate of return is 5 percent. What is the length of the annuity time period? (Do not round intermediate calculations.)

4. Todd is able to pay $330 a month for 6 years for a car. If the annual interest rate is 6.4 percent, how much can Todd afford to borrow to buy a car?

5. You borrow $6,730 to buy a car. The terms of the loan call for monthly payments for 5 years at the annual interest rate of 6 percent. What is the amount of each payment?