11. Celia borrows $5000 from her parents and will pay them back in fixed annual installments at 2% interest for 5 years. Find her payments and write out the first two lines of the amortization table.

1. Lump Sum: FV=PV(1+r)^t

2. Lump Sum PV=FV/(1+r)^t

3. Lump Sum r=(FV/PV)^1/t -1

4. Annuity: FV=C(1+r)t-1r

5. Annuity PV=C1-1(1+r)tr

6. Perpetuity: PV=C/r

7. Equivalent Annual Rate: EAR = 1+APRmm-1