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? $2,676 b. $2,564 $2,304 d. $2,088 None of the answers listed above are within $1 of the correct answer. a. c. e. 17. What is the present value of a $1,000 ordinary annuity that earns 8% annually for an infinite number of periods (that is, the $1000 occurs every year forever)? a. $80 b. $800 $1,000 d. $15,000 None of the answers listed above are within $1 of the correct answer. c. e