14. When comparing an annuity due with an ordinary annuity with the same payment and duration (and assuming positive interest rates), the annuity due will always have a present value and will always have a future value. a. higher; higher b. higher; lower c. lower, higher d. lower, lower e. None of the combinations listed above is always correct. 15. You have just graduated and have decided to purchase a brand new sports car to enjoy your newfound freedom. Your local credit union will provide financing for 60 months at a 9 percent annual rate, compounded monthly. You will give 15 percent of the $26,000 purchase price in cash to the dealer. The credit union will be used to finance the remaining 85 percent of the purchase price with the first payment due 1 month from today. What will be your monthly payment? a. $539.71 b. $468.76 c. $433.33 d. $368.33 e. None of the answers listed above are within $1 of the correct answer. 16. You have just agreed to a new loan and have purchased a $3,000 computer today. The loan has a 19.6% annual interest rate, compounded monthly. The minimum monthly payment is $58, and you do not expect to ever pay more than the minimum payment. Assuming no additional charges or costs will occur with this loan, approximately what will you owe on the loan at the end of 3 years (36 months) when you expect to need another new computer? a $2,676 b. $2,564 c. $2,304 d. $2,088 None of the answers listed above are within S1 of the correct answer. e