20. The Happy Hang Glide Company is purchasing a building and has obtained a $190,000 mortgage loan for 20 years. The loan bears a compound interest rate of 17% p.a. and calls for equal annual installment payments at the end of each of 20 years. What is the amount of annual payment? 19. Daryl wishes to save money to provide for his retirement. Beginning one month from now, he will deposit a fixed amount into a retirement savings account that will earn 12% p.a. compounded monthly for 30 years. Then, one year after making his final deposit, he will withdraw $100,000 annually for 25 years. How much should Daryl deposit for the first 30 years to meet his objective if the fund earns the interest rate of 12.68% p.a., compounded annually during the last 25 years? 23. Mark wants to buy a new car for his wife and agrees with a 1.5-year, $12,000 loan. The financial institution quotes this loan at 10.5%, compounded monthly. Six months later, Mark is offered an optional loan from another financial institution. The new loan is quoted at 9.25% and Mark asks that the number of payments be set to 12. A 1% fee will be added to the remaining loan balance for the principal of the new loan. What was the first loan monthly payment and what is the amount Mark is going to pay for the new one? Is it a good idea to change