13. James has a new job offer, and must choose between two alternative compensation packages. He can either take (i) $6,500 per month for 2 years, or (ii) $4,500 per month for 2 years, with a signing bonus of $35,000. Assuming that the appropriate interest rate is 10% per annum, which of the two compensation packages is the better deal? [PV of (i): $140,861; PV of (ii): $132,519; (i) is better] 14. JPP Inc. has taken out an equipment loan of $200,000 today, and plans to repay the loan in 12 equal annual installments starting 3 years from today. If the interest rate on the loan is 6% per annum, what will be the amount of each of the 12 annual payments? [$26,803.93] 15. Joe Smart just took a loan, which he will repay in four annual installments of $2,000 each. The first installment payment will occur two years from today. If the interest rate is 8% per annum, how much will Joe still owe after he makes the first payment? [$5,154.19]